According to on-chain analysis, Bitcoin market volatility is at an all-time low. Crypto analysts have been tracking historical Bitcoin volatility levels, and they have reached a bottom.
The last time volatility reached current levels was in late 2018. This was a bear market similar to the current situation, with crypto prices falling for the entire year.
Following the final flush out on December 15, when BTC fell to $3,200, volatility spiked again towards the end of that year.
Other analysts concurred with the new low in Bitcoin volatility. For the past six weeks, the asset has fluctuated between $15,700 and slightly more than $18,000. With most of the world on vacation, market activity is unlikely to pick up until next month. Bitcoin’s volatility is not the only metric that has plummeted. The network hash rate is also rapidly declining; however, the two are unrelated. The recent drop was attributed to miners in Texas shutting down their operations due to severe weather conditions and increased demand for energy grids. Concerns have been raised about another distressed miner sell-off, but it has yet to occur.
See more: The ‘metaverse winter’ in 2023 will not dampen its future potential, predicts GlobalData
During the Monday morning Asian trading session, however, BTC rose to a five-day high of $16,895. Since the asset fell below $17,000 on December 16, it has been flat.
The cryptocurrency market capitalization is currently $846 billion, which is very close to the peak levels after the 2017 bull market. With a 72.5% decline, most analysts agree that markets are nearing the bottom of this bear cycle.
Pokémon Company International has filed a lawsuit against an Australian company for advertising an unlicensed NFT-based Pokémon game. HSBC has applied for a slew of NFT and Metaverse trademarks. Square Enix, an NFT-friendly Japanese gaming company, has invested 7 billion yen ($52.7 million) in in-game developer Gumi to develop “high-quality” mobile games, blockchain games, and a Metaverse initiative other things.
Source: Finance Brokerage