Bitcoin Price Volatility Rising to 2019 Highs on the Back of Accelerated Trading Volumes
In the past three months, the Bitcoin price has increased by over 192 percent. These three months saw us going from about $4,050 to just $100 away from $14,000.
The top-most high, however, was at $13,900 on June 26. But soon after we dropped down to $10,300. Since then, however, we have recovered as BTC/USD currently trades at 11,939 with 24 hours gains of 0.14 percent.
3 hours later and BTC dipped nearly $1000 from entry.
God, I love this volatility. pic.twitter.com/s3XKp7v1t6
— DonAlt (@CryptoDonAlt) June 29, 2019
Meanwhile, the digital asset is managing the trading volume of $4.87 billion which is down from yesterday's $5 billion, as per Messari’s Real 10, 24 hours volume. On June 27, this trading volume reached its highest level at above $6 billion, the day after Bitcoin dropped following a new high.
This widely fluctuating trading volume has the bitcoin price volatility close to reaching 2019 high. Bitcoin price volatility is on the move again on the back of the accelerated trading volume.
Bitcoin price volatility has risen close to 2019 highs following accelerated trading volume
As can be seen in the chart, during the spurt in trading volume registered by the leading cryptocurrency in April, May, and June, the price volatility shot up as well. This has us reaching very close to early 2019 levels.
“To those claiming BTC wouldn't be volatile if ‘it were used for more things' – empirically untrue,” Spencer Bogart from Blockchain Capital commented on Bitcoin’s volatility.
He gave the example of WTI crude oil to validate his point that saw volatility of 76% over 8 months from mid-2008 to early 2009 and 72% over 18 months from mid 2014 to early 2016.
However, this illustration didn’t go well with some people as one Twitter user said “Completely different. Oil’s price volatility comes from a highly variable supply and low StF ratio.”
“That’s not a correct comparison at all. We never tried to use oil as a currency or a SoV,” said another one.
As we move forward with the bulls having permeating the crypto market, the trading volume and price will only surge higher, meaning the price volatility will only climb higher as well.
Bitcoin’s price is $47,739.05 BTC/USD exchange rate today. The real-time BTC market cap of $888.94 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.45 Billion and live coin value change of BTC -3.90 in the last 24 hours.