Bitcoin Remains Stable at $3,580 as Its Volatility Hits Two Month Low
Bitcoin, the flagship cryptocurrency, is on track to having its quietest week since October of last year, as its price is still trading within a $3,500 to $3,800 range it has been stuck on since January 10, when it fell from a $4,100 high.
According to CryptoCompare data, the flagship cryptocurrency is currently trading at $3,580 after falling 0.47% in the last 24-hour period. Its market cap is at $62.66 billion, meaning it has a 52.8% share of the cryptocurrency ecosystem.
In the last 30 days the cryptocurrency has seen its price drop only 2.4% as it’s trading with a tight $300 range, that it hasn’t broken throughout various developments, including the Cboe pulling the VanEck-SolidX Bitcoin ETF proposal.
As CryptoGlobe covered, prominent peer-to-peer exchange LocalBitcoins has recently been breached by an “unauthorized source,” and saw over $28,000 worth of BTC be taken from its users. Meanwhile investment in the space has kept on growing, as crypto wallet BRD recently raised $15 million after doubling its userbase last year.
The cryptocurrency’s price has, despite these developments, kept its range. This has seen its 3-month volatility index drop to a two month low, as it recently hit 3.39%, a level it hasn’t seen since November 20, according to Buy Bitcoin Worldwide.
Speaking to MarketWatch Mati Greenspan, a senior market analyst at eToro, noted that the cryptocurrency’s low volatility is related to its trading volume. He was quoted as saying:
We have seen a few sudden spikes but that’s mainly because volumes have tracked off. they are down about 20% from a week ago.
Other top cryptocurrencies are, at press time, dropping as well. Ether has dropped 2% to $114.5, while XRP dropped 2.1% to $0.31. Litecoin, Zcash, and XMR dropped less than 2%, while Bitcoin Cash and Dash dropped 2.7% and 4.1% respectively.
TRON’s TRX is notably countering the bearish trend, as it’s up in the last 24-hour period. It recently moved ahead of Stellar (XLM), and LTC in terms of market capitalization. Binance’s BNB is also up, by 1%.