BTC rate has been on record lows in recent weeks, in spite of strengthened geopolitical uncertainty around the world. Data from an advanced crypto analytic firm Ceteris Paribus showed that it hasn’t had a 5% daily move for 24 straight days. This is the longest since a 27-day streak that ended on Apr 1, 2019. 1 month return after that was +31%.
The longest streak before that was 29 days which ended on Nov 13, 2018. 1 month return after that was -48%.
It should be noted that BTC has closed between $9,000 and $10,000 levels in the last 43 straight days. Data obtained from Coinmarketcap shows that the flagship cryptocurrency is still trading below the $9200 level, with a market capitalization of about $168 billion and a daily trading volume of about $15.7 billion.
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In addition, data from on-chain analytics firm, Skew, showed a 30-day realized volatility recorded its smallest reading since 2017 this week, buttressing the sentiment that price movements remained low.
Quick fact: Realized volatility refers to volatility as defined by various times pans. Low volatility tends to concern BTC traders and analysts, particularly over extended periods, as a kickback is all too often triggered afterward.
What you should know about the BTC
Bitcoin revolutionized digital money by decentralizing the accounting process. Instead of a central figure that is responsible for making sure that their users’ transactions are always adding up, Bitcoin works by sharing the account balances and transactions of every user across the globe in a pseudonymous form. In simplest terms, this means that anyone can download and run the free and open-source software required to participate in the Bitcoin protocol.
