Bitcoin Volatility too High to Sustain Growth for New All-time High

2019-8-8 12:58

Volatility has been a major issue with Bitcoin and has been a major weak point exploited by its critics to say it is no good.

Even though the number one cryptocurrency has made significant progress in 2019, at a point rising to about 4 times its December 2018 price, senior commodity strategist at Bloomberg Intelligence Mike McGlone says the volatility is still too high for Bitcoin to sustain its high price gains.

30-day minus 180-day gauge hits its highest level since 2015

One of the major indicators of Bitcoin’s high volatility according to McGlone is that the 30-day minus 180-day gauge reaching its highest level since 2015. The gauge is used to measure more recent volatility against that over a longer period of time to see if there is a reduction of increase within the period of time. When the measure of volatility hit its highest in 2015 was the beginning of the 2017 bull market.

Could this be marking another transition from a bear to a bull market? Several traders have taken advantage of the volatility to make some quick profits and the last few weeks have been marked by such volatility. The market had during those weeks experienced a price change of thousands of dollars in minutes. Bloomberg Intelligence is therefore of the opinion that Bitcoin consolidation is not as close as some people think.

Volatility, a Part of Bitcoin

While volatility may sound like a critical thing for Bitcoin, it is actually an integral part of the network according to Bitcoin developer Jimmy Song. He says volatility is part of a decentralized system such as Bitcoin and it will last until Bitcoin reaches a level of maturity.

Unlike centralized currencies such as the U.S Dollar whose volatility is controlled through banks buying and selling it, Bitcoin volatility “cannot be dampened by a central control,” he said.

With this reality in view, Bitcoin investors have been advised to make informed decisions when investing in Bitcoin especially as a new bull market is about to set in and Bitcoin volatility is really high. Meanwhile, traders may still leverage the time to make some short term profits with extreme caution.

The post Bitcoin Volatility too High to Sustain Growth for New All-time High appeared first on ZyCrypto.

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