Bitcoin volatility tumbles to a 12-week low

Bitcoin volatility tumbles to a 12-week low

Bitcoin prices were mostly unchanged Thursday, extending a lull that has washed over crypto markets and pushed volatility to its lowest level since mid-November.

On Thursday, one bitcoin BTCUSD, +0.20% was fetching $3,386.73, down 0.2% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency has not traded outside of the $3,300 – $3,800 range since Jan. 11.

According to Buy Bitcoin Worldwide, the 30-day bitcoin volatility index stands at 2.41%, the lowest level since Nov. 19, 2018.

What are analysts saying

Nancy Pakbaz, markets analyst at Daily FX said despite suppressed crypto prices, retail traders are still betting on bitcoin with the number of retail traders net long, 2.5% higher than the previous day and 2.4% higher compared with last week.

“The combination of current sentiment and recent changes gives us a further mixed bitcoin trading bias,” she wrote.

Altcoins and futures

Cryptocurrencies other than bitcoin, colloquially known as altcoins, were mixed on Thursday. Ether ETHUSD, +0.36% fell 0.1% to $103.03, Litecoin LTCUSD, +0.52% gained 1% to $32.68, Bitcoin Cash BCHUSD, +0.53% was down 0.5% at $113.60 and XRP, XRPUSD, -0.42% the currency of the Ripple protocol, was trading at 29 cents, up 0.9%.

Futures finished Thursday mostly unchanged. The Cboe Global Markets February contract XBTG9, +0.15% ended down less than 0.1% at $3,350, while the CME Group February contract BTCG9, +0.15% was unchanged at $3,340.

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