Bitcoin: Boring or Maturing? We Take a Look…
For more than one month, Bitcoin has been trading in a tight range. During this period, only $732 differentiates the highest and lowest Bitcoin price and many authorities see this as a sign of maturing and many others claiming the industry getting increasingly boring.
Bitcoin first caught the attention of many ordinary people when it achieved to be traded around $20,000. After its ATH value, BTC lost over more than 60 percent of his valuation. Back in the day, 15 percent ups and downs have seen as a normal thing in the industry but it seems those days have gone by. Now, Bitcoin only recorded price raises around 2-3 percent as its price range getting increasingly tighter.
Earlier, BitMEX co-founder and CEO Arthur Hayes stated:
You want as much volatility as possible to have as much chance that Bitcoin goes to $50,000, $100,000, $1,000,000, whatever that high number is.
Despite Hayes, other experts are looking for maturing. One of them is Mike McGlone, who is working for Bloomberg as a chief analyst. McGlone said:
This is a maturing market, so volatility should continue to decline. […] When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.
Nigel Green, founder of DeVere Group, also shared a similar sentiment:
This could be a signal that the cryptocurrency market is maturing.
No matter what, financial analysts can always look at the exact same thing and come to different conclusions. Volatility is exciting, but usually only if the value is going up. Downward volatility always brought calls of the impending end of the world’s foremost cryptocurrency. It could also be that the current stability may only be fleeting. It’ll be interesting to see what will happen with Bitcoin for the remainder of 2018.