Bitcoin’s volatility index, the lowest since December 2016

According to the latest data from Bitfinex, the price of Bitcoin is currently trading at $ 6.411. According to CoinMarketCap, daily trading volume is $ 3.4 billion. The daily volume reached $ 3.1 billion on Saturday. Bithumb has committed more than 9% of BTC transactions on global exchanges. Bitmex, a popular derivative platform, handled 6% of daily transactions. According to the latest data, Bitcoin’s volatility index is the lowest in the last 22 months.

Bitcoin’s volatility index, the lowest since December 2016

The leading digital currency formed a solid price base at $ 6,400. Price support below this level is $ 6,300 and $ 6,000. In current values, Bitcoin accounts for 53.7% of the entire market and has a market value of $ 111 billion. Bitcoin’s market dominance remained stable over the past two weeks.

Narrow price ranges have provided new stability in the Bitcoin market. This was observed in most of 2018. Since the end of June it hit a new bear market of $ 5.755, the price of Bitcoin has been continuously traded above $ 6.400. Over the past 11 days, prices have fluctuated steadily between $ 6,300 and $ 6,500, and the bears didn’t get involved in either the bulls or any side of the spectrum.

According to Bitcool.info, Bitcoin’s 30-day volatility index fell to 1.42% on Saturday, its lowest level since December 2016. The index calculates volatility using the standard deviation of Bitcoin’s daily open price over a period of time. Long-term volatility indices (120 days and 252 days) fell to 2.64% and 3.56%, respectively.

Bakkt’s Bitcoin futures contract will contribute to the new stability of the market

The decrease in Bitcoin’s volatility is positively related to the purchases of futures in December. Although the initial purchase was low, the futures trading volume rose sharply, with CME’s contracts reaching 30,000 Bitcoins per day in August.

Last week, ICE announced that the crypto currency trading platform would enable the Bitcoin futures contracts to be met physically on 12 December. Bakkt’s, crypto money for the acceptance of the mainstream will be able to reach its target. However, a physically submitted Bitcoin futures contract will likely contribute to the new stability of the market

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