Bitcoin Price Hits a New All-Time High of 52k USD shows Lesser Volatility levels Compared to 2017 Bull Run
February 18, 2021 3:38 PM
Bitcoin rally can be dated back to 2020 as the flagship crypto broke its all-time high at it crossed the 20k mark for the first time but a quick price drop reminded traders about the highly volatile nature of BTC.
With the bull run picking up pace from late 2020, the volatile nature of Bitcoin is different from levels seen during the 2017 bull run. Although, a few lower price corrections have been experienced which are necessary to maintain upward momentum.
At press time Bitcoin (BTC) has hit a new all-time high above $52,200 in a bullish move. The price of Bitcoin has reached various higher highs from when it broke the $20,000 mark in a bull run dated back to October 2020.
According to data from Woobull Charts which shows Bitcoin's 60-day volatility at 14.25%, which represents a notable decline from the 32% recorded at the pick of the 2017 bull run.
A JPMorgan chase analyst argued in a note to investors " that it's almost impossible to sustain the current bitcoin price rally unless volatility is reduced significantly. A perfect highlight of recent Bitcoin volatility could be traced back to January where BTC gained over 46% as it reaches $42,000 before declining to over 30% to fall below the $30k price mark.
According to a report issued by the U.S crypto exchange, Kraken predicted that Bitcoin continued upward price movement would be accompanied by less volatility.
The difference maker could be the interest in Bitcoin from institutions such as Tesla who just invested $1.5 billion into Bitcoin (BTC), also firms like microsrategy continues to expand its BTC Holding. The payment giants Visa, Mastercard and PayPal has declared interest to support cryptocurrencies on it's network.