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September 23, 2020
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Bitcoin

Bitcoin price hasn’t been so stable since 2018

Bitcoin’s price has not fluctuated much since the beginning of June. This can make some traders very nervous.

Bitcoin, the largest cryptocurrency by market value, appears to be in a period of stability – unusual for a currency famous for its volatility.

Traders have undoubtedly analyzed Bitcoin’s recent price charts with unfathomable boredom. Since June 1, the price of Bitcoin has not changed much. At that time, it was worth $ 9,519. Now worth $ 9,355, according to data from the metrics website CoinMarketCap.

Last month, Bitcoin’s maximum price was $ 9,680; its lowest price was $ 8,975. According to a new report by the cryptographic data company Coin Metrics, published today, Bitcoin’s price changed by just 1% last month.

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The last time that Bitcoin price was stable, in November 2018, was followed by a major crash, according to Skew Analytics

According to Skew Analytics, this is the quietest bit of Bitcoin since November 2018. That was the lull before the storm; in the months that followed, Bitcoin’s volatility skyrocketed – and in the wrong direction hodlers expected, with Bitcoin’s price dropping nearly 50%.

“#Bitcoin 10 days volatility = 16%

This means that bitcoin has gone up or down less than 1%, on average, in the last ten days.

The last time this happened in November 2018, bitcoin sold almost 50% later. ”

At least there was action.

Compare the current volatility with the rest of 2020 and Bitcoin’s last two months look positively monotonous.

In mid-March, the Bitcoin fell about 40% in a matter of days after global markets fell amid uncertainty caused by the pandemic.

Bitcoin recovered quickly and has been on a steady upward trend since its crash – minus some blips. Since May, it has fluctuated between $ 9,000 and $ 10,000.

In the midst of a global pandemic, its stability is remarkable.

Changpeng Zhao, Binance’s CEO, expressed the sentiment to Bloomberg in a interview yesterday. “In recent times, Bitcoin has been really stable,” he said. “People are calling the [Bitcoin] of stablecoin now ”, joked Zhao.

For some, Bitcoin’s stability is not a relief; it’s a frustration. Bitcoin has yet to break through the illustrious $ 10,000 price tag. That’s the price that Bitcoin was before the coronavirus crash.

Zhao told Bloomberg that potentially that printing of money by governments could increase bitcoin’s volatility sooner or later.

Some, however, are finding comfort in Bitcoin’s current lack of volatility

While Bitcoin’s stability is bad news for speculators, Nic Carter, a partner in the cryptocurrency fund Castle Island Ventures, thinks it could help the currency find its place in trade.

Wondering what Bitcoin creator Satoshi Nakamoto would say about a beach in Bali if Bitcoin remained at its current price for the next 10 years, Carter tweeted: “Cool! Just as I wanted. Now just use it in online commerce “.

Source: decrypt

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