- For the first time since March 6, 2018, BTC 30-day historical volatility broke above 100%.
- Ethereum is becoming “a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin.”
The emergence of Facebook’s Libra has redirected focus back on Bitcoin from both the mainstream media and the regulatory landscape. More so, there has been a significant shift in coin relationships according to a report by SFOX research team.
In fact, the United States President commented on the Libra project and Bitcoin on July 12 saying “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Trump added that “Facebook Libra’s “virtual currency” will have little standing or dependability.”
These tweets coupled with Facebook Inc.’s hearings at both the US Congress and Senate have resulted in increased Bitcoin volatility from 89.33% on July 10 to 100.30% on July 17. This “makes the first time BTC 30-day historical volatility has surpassed 100% since March 6th, 2018.”
Suggested content: Ethereum price analysis: ETH/USD soars past $220 critical level
The SFOX report notes that Bitcoins market share has taken center stage in the crypto space amid the probe into Libra. Bitcoin dominance has increased significantly from 50% around March to range between 65% and 75% at the moment.
“Leading altcoins — ether (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), and ethereum classic (ETC) — were all less correlated to BTC than they have been in recent months, whereas they were all highly correlated to each other,” SFOX states in the report.
In addition to that:
“Correlation data reinforce the idea that investors and traders may still be much more attuned and responsive to Bitcoin rather than other altcoins, especially when the crypto sector enters the national regulatory spotlight.”
While commenting on the correlation of Ethereum correlation with Bitcoin, the team notes that ether is gradually becoming “a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an “altcoin” on a par with other cryptoassets that are not Bitcoin.”
Read More: Bitcoin market update: BTC/USD hangs in the balance above $10,000; what next?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: ADA, AVAX, TON in profit as BTC stalls at $100K
Altcoin market updates: ADA, AVAX, TON emerge as top gainers While BTC has stagnated on Monday, traders are redirecting capital toward mid-cap assets, driving the likes of Cardano (ADA), Avalanche (AVAX) and Toncoin (TON) above key resistance levels.
Ripple's XRP aims for $1.96 as WisdomTree registers for an XRP ETF in the US
Ripple's XRP surged over 7% on Monday and aims to stage a rally toward its April 2021 high after WisdomTree registered for an XRP ETF in the US state of Delaware on Monday.
More Ripple News
Toncoin Price Forecast: Crypto whales spotted buying $30M TON in 4 days, amid Gensler’s exit
Toncoin price opened trading at $6.2 on Monday, up 27% since Gary Gensler's exit confirmation on November 21. On-chain data trends suggest a $7 breakout could follow as whale investors have scaled up demand for TON considerably over the last 5 days.
MicroStrategy set to push Bitcoin to new highs after 55,500 BTC acquisition, should investors be concerned?
MicroStrategy revealed on Monday that it made another heavy Bitcoin purchase, acquiring 55,500 BTC for $5.4 billion at an average rate of $97,862 per coin.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.