February 10, 2021 | AtoZ Markets – January was remembered by the cryptocurrency community as a roller-coaster ride for Bitcoin as price rose from $30,000 to $42,000 followed by a 32% decrease below $29,000.
Bitcoin volatility almost returned to ‘Black Thursday’ levels in January
According to a report by Kraken analysts, on a annual basis, Bitcoin volatility reached 106% – a higher indicator was recorded only in April last year, after a sharp drop in Bitcoin on Black Thursday and its subsequent recovery.
Interestingly, among the five largest cryptocurrencies in terms of capitalization, Bitcoin volatility turned out to be the least, except for the stablecoin Tether. So, the volatility of the Polkadot (DOT) coin was 228%, Cardano (ADA) – 183%, and ETH – 160%. Analysts expect February to be more successful for the BTC rate:
“Considering that the average bitcoin rate in February is growing by 6% more than in January, and its volatility is 15% lower, then we should expect the growth of the first cryptocurrency.”
Judging by the fact that yesterday, February 9, the rate of the first cryptocurrency for the first time in history exceeded $48,000, the expectations of Kraken analysts turned out to be correct.
Think we missed something? Let us know in the comment section below.