Although the volume of Bitcoin still remains at around $2 billion on CoinCap.io and $3.3 billion on Coinmarketcap, the dominant cryptocurrency has recorded a slight increase in price to $6,600, allowing tokens like Tron (TRX) and 0x (ZRX) to surge by 14 to 18 percent.
17-Month Low Volatility of Bitcoin, Legs Building
According to Mike McGlone, Bloomberg Intelligence commodity strategist, the decline in the volatility of major cryptocurrencies is a sign that the cryptocurrency market is maturing. He stated that the cryptocurrency market is beginning to establish itself, finding comfort in a lower price range.
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.”
Given the stability in the price of Bitcoin, technical price analyst Rampage stated that it is evident BTC has found its bottom. Even if the volume of the cryptocurrency market falls below the $10 billion mark, he explained that it is difficult to see BTC dropping below ots current level.