Well, the last month as been a bit boring with Bitcoin prices. Plenty of positive developments for sure, but not much positive movement on price or volume because of those developments.
Could this be a calm before the storm? Are we out of the crypto winter as we get into the real winter (for us Westerners)?
Here’s a great read about what BTC was been doing over the last month: Bitcoin Volatility Hits Record Low, Calm Before a Major Short-Term Rally? Experts Weigh In
the volume of Bitcoin dropped from $4.2 billion to $3.2 billion on October 7, by more than 23 percent. Since then, the volume of BTC has recovered substantially, back to $4.2 billion, but it still remains substantially lower than previous weeks.
Since August 9, the price of Bitcoin has remained relatively stable in the range between $6,400 and $6,800.
On October 6, the cryptocurrency exchange market recorded its lowest daily volume in over 12 months, leading traders to be concerned regarding the short-term trend of the market.
In the beginning of October, Bitcoin achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017.
$30 billion brokerage giant TD Ameritrade recently backed the launch of ErisX, the first regulated multi-crypto futures market with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin support
All of this is on the back of other reports showing that futures trading of BTC is growing:
- The CME has revealed that the average daily trading volume (ADV) of Bitcoin futures has increased by 41 percent in Q3 over Q2, while open interest (OI) — or the number of open contracts on Bitcoin futures — has risen by 19 percent in the third quarter.
So perhaps this is a lull before the (short term upside) storm, allowing big money to get in cheap before mooning next year.