фото показано с : zycrypto.com

The first quarter of 2020 for Bitcoin was as promising as it was unencouraging. Although the former was largely the mantra as regards forecasts, and while most predictions have been withdrawn or amended, the third quarter of the year is expected to present more favorable conditions for the Bitcoin market.

While the first two months of the year were fairly encouraging for Bitcoin, “Black Thursday” hit the market in March and Bitcoin has since been on a path to recovery. Bitcoin’s performance as an asset against other leading assets was also favorable, as Bitcoin knocked out other assets on the stock market, proving that it was just as much a safe store of value against other assets, or even better. However, a new report on June’s performance highlights some of the lowest points of Bitcoin this year.

In Kraken’s most recent Bitcoin report for the month of June, which is centered around Bitcoin’s performance and the state of the market through that month, June has been one of the most unfavorable for the leading cryptocurrency as it sustained lows that were last seen in February, thereby causing the annualized market volatility to hit a 6-month low of 51%. Trading volume also took a major decline.

Further into June, trading volume continued to shrink, An estimated 31% in losses were recorded as a month on month drop in trading volume, following in a 4 month low which brought about the largest month on month decline that resulted in a volume of $36.6 billion. In the second week of June, Bitcoin witnessed another deep in daily trading volume, hitting levels estimated to have been around the same levels seen in the past 7+ weeks.

Volatility movement patterns at the start of the month topped an impressive 78%. However, towards the end of June, annualized volatility dropped to 51%.

The preceding price action that followed subdued volatility and was said to have “resulted in uninspiring, choppy price action between roughly $8,800 and $10,400. June’s $1,598 price range constitutes the tightest monthly trading range since December 2019.”

As the global stock market heads towards recovery, stability in the Bitcoin market took a sideways turn, leading to a reversal trend that caused Bitcoin’s correlation with the stock market index to go downwards.

A multi-month low of 0.08 was recorded in late-May, but shortly into June, the 30-day correlation reversed in favor of Bitcoin, hit a monthly low of 0.23, and took an upward trend to 0.65 at the later part of June. Thankfully, this pumped Bitcoin above the one year average of 0.26 to a close of 0.52. Bitcoin clearly did not reach its highest point in June, but its recovery is a pointer that a stronger Bitcoin is on its way, come August.

297 +