Bitcoin cryptocurrency volatility fell to the lowest level in 2016

CryptoRank researchers have noted an interesting trend related to the flagship cryptocurrency’s quotes. In their profile on the X platform (formerly Twitter), the analysts published the results of a study in which they said that bitcoin volatility has reached a record low. According to the researchers, this was the result of a decline in global trading volume.

Industry experts recalled that the main virtual coin has been trading above $ 29,000 for more than a month, but bitcoin is still unable to break through. The researchers emphasized that low trading activity of traders has led to the lowest daily volatility at the level of December 2016.

BTC’s volatility fell below 1.0%. Trading volumes have dropped significantly since April of this year. According to a chart by CryptoRank, back in March, the amount of monthly bitcoin transactions amounted to $ 449 billion. However, already in April, this value fell by more than 60% to $ 186 billion. In July, the figure fell to a critical level of $ 139 billion. Experts predict that the figures could deteriorate significantly in August.

As of the morning of August 16, the flagship cryptocurrency is trading at $ 29,126, a 0.73% drop. The total supply of coins circulating on the market amounted to $ 566.73 billion. Traders made daily trading deals worth $ 13.3 billion. Bitcoin’s market share increased to 49.1%.