Bitcoin is currently less volatile than the S&P 500 and Nasdaq

Bitcoin (BTC) held above $21,000 until November 5th.

Dollar plunges 2% as risk assets recover

Data from Cointelegraph Markets Pro and TradingView show that BTC/USD builds on its previous strength, hitting a new all-time high of $21,473 on Bitstamp. This is the highest price in seven weeks.

The pair benefited from the latest US economic data, but the dollar fell. The US Dollar Index (DXY) fell 2% in a single day for the first time in years, spurring a rise in risk assets.

“And just like that, bitcoin took all the highs, volume increased, and bounced back above $21,000. commented.

“We expect to continue towards $22.5K from here, but there will be a slight correction before continuing (because we have taken out all liquidity).

BTC was previously notorious for its lack of volatility and narrow trading range, beating even stocks for the first time in history.

“For the first time in history, Bitcoin is less volatile than both the S&P 500 and the Nasdaq,” said Yassine Elmandjra, a cryptocurrency analyst at ARK Invest. I got ita link to the company’s latest report, “The Bitcoin Monthly.”

“The last time volatility was this low, Bitcoin went from $9,000 to $60,000 in less than a year.”

Meanwhile, Tyler Winklevoss, co-founder of trading platform Gemini, revealed that he believes the cryptocurrency market will continue to serve as a key indicator of the overall market trajectory, as in 2021.

“Cryptocurrency is the first asset class to crash. It will be the first to rise again,” he said. wrap up.

Bitcoin is more stable than major fiat currencies

Continuing the theme of low volatility, ARK’s report, led by noted analyst David Puell, showed that it’s not just stocks that are falling due to Bitcoin’s stability.

RELATED: Why Is The Crypto Market Rising Today?

“Bitcoin’s relative volatility has declined not only against stocks but also against major currency pairs. Foreign currency pairs have been negatively impacted,” said Bitcoin Monthly.

“Bitcoin’s 30-day realized volatility is now roughly on par with GBP and EUR volatility for the first time since October 2016. The coin’s strength is a promising sign.”

As reported by Cointelegraph, another popular analyst, LookIntoBitcoin creator Philip Swift, predicts the current bear market will end by early 2023.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.