Low Bitcoin volatility levels could spike a very powerful price movement since BTC is trading in the lower $10,000 range again as we read in the altcoin news analysis previously.
After the weekend trading from around $10,000 range, the price failed to break out higher and as a result of the lack of clear direction, the volatility levels have dropped to the lowest point since November 2018 and April 2019. Usually, Low Bitcoin volatility means that the price could start a strong upwards movement and could make a decision for the trend ahead. Some of the other assets along with Bitcoin both feared for their volatility and some of the investors choose not to invest because of this feature of the cryptocurrencies. Bitcoin’s once reached $20,000 and then crashed at $3,000 so this is one of the main reasons investors choose to stay away from Bitcoin. The number one cryptocurrency did manage to gain up to 80 percent of its value.
For the crypto traders, the volatility is why Bitcoin makes for an attractive financial market and the price swings are ideal for some who are waiting to buy low and sell high which could lead to making a fortune when trading on leverage using the platform such as PrimeXBT and BitMEX. The lucrative volatility is still non-existent at the moment since the price of Bitcoin is trading within a $200 range for most of the weekend. Back in 2018, the Bitcoin price dropped through what was believed to be the unbreakable support of $6,000 but then it later dropped to $3,000 before it bottomed out in December again. In April this year, Bitcoin increased more than $1,000 in just hours which initiated the bull run and rally to the current range. Another one of this huge price movements is expected soon as per most of the crypto analysts which is expected to put an end to the low volatility and help choose the trend for the upcoming days and weeks ahead.
As per the analysis in the latest cryptocurrency news, a break out of the multi-month triangle will mean that Bitcoin will retest $14,000 price range and will have the momentum to even break further. However, If the bitcoin price breaks down instead, the target will be standing in the $7,000 range with a huge possibility of it reaching below $7,000.
Growth Of BTC Millionaires Now Matches The Early Years: Report
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”
Source: charts.woobull.comWoo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
Libra And Telegram Clampdown Could Negatively Impact Bitcoin
Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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