The price of the main crypt currency remains stable despite important events such as the Halving. This Tuesday, it was 3 months since the beginning of a low-volatility stage of Bitcoin.
This period of tranquility has been notably the lowest since March. It should be remembered that, after the pandemic was announced, the price of Cryptosoft suffered a significant drop, reaching less than $5,000 per unit. Subsequently, it began to recover and stopped its rise a few days before the four-year cut.
According to the analysis portal IntoTheBlock, the low volatility could be the result of several factors. The most prominent of these would be an uncertain tilt of this digital currency in the market.
Bitcoin volatility has been low since March
According to figures from the aforementioned firm, in the last 30 days, the volatility in the value of Bitcoin in the market has dropped to 39.43%. A look at it during a period of 2 months, shows a decrease of 51.69%. These figures are the lowest since March.
Starting on March 7th, the first signs of high volatility were seen. But it was from the 9th of that month in June that it shot up. From that date, the volatility went from 45.04% to 131.90% in a short period of time. Then, it remained relatively stable to start dropping dramatically.
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Price behavior as a result of low volatility
The Bitcoin price maintained a recovery trend in the same period that volatility stopped rising. In the weeks following the sharp drop in March, its rise took it above the $10,000 mark but did not last long in that range.
The days leading up to Halving were the ones with the biggest increase, which raised expectations. However, a few hours before the event, he suffered a setback. Since then, its value in the market has oscillated between $9,300 and $9,900. At the time of writing, its price is $ 9,783.
The price, it should be noted, has played an important role in mining in terms of obsolete equipment. The Halving, which cuts the bounty per mined block in half, was expected to be tough on low-hash miners.
However, the recovery of Bitcoin’s value gave the old equipment a bonanza that has allowed it to survive. In addition, a successive decline in difficulty has extended that time a little further.
But, the current price could be the limit for many of them. A slight drop, due to the volatility of Bitcoin, would force them to disconnect or migrate to mining other cryptosystems.