Bitcoin volatility slumps to lowest in two months
Lower prices are pinned within short-term range
From the Equity Insider archive. This article dates from Jan 26, 2019 and is preserved as first published.
Lower prices are pinned within short-term range
Bitcoin prices moved lower on Friday, but held within the short-term range that has the cryptocurrency on track for the quietest week since October 2018.
On Friday, a single bitcoin BTCUSD, +2.48% was fetching $3,563.57, down 0.9% since Thursday at 5 p.m. Eastern time on the Kraken exchange. The best-known digital currency has traded inside the $3,425-$3,614 range on the week, the narrowest since the week beginning Oct. 22, 2018.
The best-known digital currency has traded inside the $3,425-$3,614 range on the week, the narrowest since the week beginning Oct.
The slowdown in price activity has dragged the 3-month volatility index to 3.49%, its lowest level since Nov. 22, according to Buy Bitcoin Worldwide.
“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,” said Mati Greenspan, senior market analyst at eToro.
Cryptocurrencies other than bitcoin — commonly referred to as altcoins — were trading lower on Friday. Ether ETHUSD, +2.17% was down 1.4% at $114.81, Litecoin LTCUSD, +4.95% fell 1.2% to $32.02, Bitcoin Cash BCHUSD, +1.83% lost 1.9% to $125.90 and XRP XRPUSD, +1.58% was down 1% at 31 cents.
Bitcoin futures finished mostly unchanged on Friday. The Cboe Global Markets February contract XBTG9, -0.71% ended the session down 0.1% at $3,520, while the CME Group February contract BTCG9, -0.28% fell 0.1% to $3,515.
