
👀📈#BTC and #ETH 90-day #volatility just dropped to multi-year lows at 35% & 37% each, making them less volatile than oil at 41%.🤔🗓️ pic.twitter.com/VMfTW53goG
— Kaiko (@KaikoData) August 16, 2023
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0.29%Reading
Notorious for their steep ups and downs, leading cryptocurrencies Bitcoin and Ethereum appear to be taking a summer pause.
Now, even oil has overtaken these digital assets, overtaking the two in volatility terms.
Per new data from Kaiko research, 90-day-volatility indexes for Bitcoin (BTC) and Ethereum (ETH) have hit multi-year lows, dropping 35% and 37%, respectively.
This now makes the top digital assets less volatile than oil, which sits at 41%.
Market volatility is the frequency and magnitude of price movements, up or down. It is calculated by how much a price varies over time–with a higher percentage representing higher volatility, and vice versa.
Cryptocurrencies have historically been more volatile than oil, which is seen in the larger frequency and magnitude of their price movements, triggering Kaiko analyst Dessislava Ianeva to call the current market “unusual.”
That said, this volatility has declined substantially according to the Kaiko analyst, as “Bitcoin as an asset continues to mature.”
Although oil is currently leading volatility among assets measured—which include the Nasdaq and gold— it has dropped since last year.
Ianeva aid that oil’s volatility has fallen from 63% in July 2022, although it has been picking up since April.
👀📈#BTC and #ETH 90-day #volatility just dropped to multi-year lows at 35% & 37% each, making them less volatile than oil at 41%.🤔🗓️ pic.twitter.com/VMfTW53goG
— Kaiko (@KaikoData) August 16, 2023
A driver, she told Decrypt, seems to be an increase in geopolitical tension as well as a “disappointing reopening” by China.
The country had imposed stringent Covid-19 restrictions up until recently, but lifting those restrictions hasn’t had the bullish economic jolt that many expected.
Kaiko’s research also shows that Bitcoin and Ethereum sit at multi-year lows in terms of liquidity and trade volume, says Ianeva.
This could also be driving the reduced volatility and oil’s surprising lead.
While Bitcoin’s price has recovered since its March lows, topping out near $28,900, the crisis that caused the initial dip still poses concerns for the market. The closure of Silvergate’s SEN and Signature’s Signet network in early March has exposed the crypto market to low liquidity risks. “Liquidity is king,” an adage in trading circles, is an apt way to describe its importance. It describes a market's ability to facilitate conversion between an asset to fiat currency. Poor liquidity around an...
For Ianeva, these figures have a two-tiered answer. She told Decrypt on the one hand it’s likely due to the “traditionally slow summer months.” On the other, it is the “market looking for a narrative.”
A spot Bitcoin ETF–which Ianeva reckons is “still months away”–could swing things back into the market's favor.
This doesn’t seem far-fetched after BlackRock’s surprising application, a firm that also enjoys an impressive track record for application approval, and the subsequent moves by other applicants.
Ethereum has made a comeback, recently hitting its highest price this year—but it still has plenty of room to run, according to crypto mogul Arthur Hayes. In a new blog post by the co-founder and former chief of crypto exchange BitMEX, Hayes argues that the second biggest digital coin by market cap could reach $10,000 by the end of the year. That's more than double the coin's all-time high price. ETH was recently trading for $3,590 per coin, according to CoinGecko, down slightly after hitting t...
Jack Dorsey's Block (XYZ) has started adding the first customers for its Bitcoin payments service, just as the firm joins the S&P 500. Shares of the NYSE-listed company, which owns Square, Cash App, and TIDAL, closed up 0.5% but have risen more than 14% over the past week. Dorsey stepped down as CEO Twitter, the company he founded, in 2021 to focus on making Bitcoin the world's dominant currency. Block's executive officer and head of business, Owen Jennings, said on X Tuesday that Block's point...
Bitcoin and the rest of the crypto market have been on a heater lately, with altcoins like Ethereum and XRP posting massive gains over the last few weeks. It’s only natural, then, that crypto bulls might need to take a breather. And that’s reflected in the charts today. Most coins in the top 100 by market capitalization are posting red candles today following explosive moves and testing significant resistance levels. Meanwhile, traditional markets showed mixed signals, with the S&P 500 eking out...