Bitcoin price breached the $20,000 level after a prolonged period of extremely low volatility.
In intraday trading, BTC/USDT on Binance briefly hit $20,192; as of writing, the asset trades above the $20,000 round figure.
Traditionally, Bitcoin’s rally has revived the broader market. Here is the top-20 by market capitalisation.
On the eve of the test of the key level, Bitcoin’s 30-day volatility approached a six-year low. Arcane Research analysts warned that market participants should brace for a strong move.
Bitcoin’s 30-day volatility is currently lower than that of the Nasdaq and S&P 500 while nearing a 6-year-low, sitting slightly higher than low levels recorded in 2018, 2019, and 2020. pic.twitter.com/5IAeud7ceD
— Arcane Research (@ArcaneResearch) October 25, 2022
Observers note that similarly narrow price swings for digital gold were recorded in 2018, 2019 and 2020. Each period of ultra-low volatility was followed by a robust rebound in the price of the leading cryptocurrency.
“In the summer of 2020 volatility reached levels comparable to the current ones. Bitcoin held at low levels for four days before the price surged,” says an analytical report by the firm that ForkLog has access to.
According to experts, the Nasdaq’s 30-day volatility stood at 2.1%, the S&P 500 at 1.9%, and Bitcoin at 1.4%.
As of writing, the total cryptocurrency market capitalisation stands at $1.01 trillion.
Earlier, the well-known trader Tone Vays predicted that the price of the first cryptocurrency would reach $100,000 in 2023.
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