- Martin Leinweber commented that Bitcoin wasn’t dead, but the traders were tired.
- Bitcoin has been facing a torrid time with reduced volatility and low market capital.
- Reports found that Bitcoin had a similar reduced volatility period in the past.
MarketVector’s digital asset product strategist, Martin Leinweber, said that traders were looking for altcoins as Bitcoin seemed boring.
In Leinweber’s words,
Bitcoin is not dead, it’s just boring at the moment, so traders are already looking for alternatives.
Though Bitcoin has been described by various epithets, including buzzy, baffling, pointless, and even fake, no one has ever called it lifeless. Its inconsistent price level paved the way for crypto traders to choose other coins, especially Ether, Bitcoin’s main competitor.
According to a recent analysis, the average volatility of Bitcoin has slumped from 4% in July to 2.7%. Unfortunately, BTC wasn’t able to surpass the critical barrier of $20000 since July. Bitcoin’s inability to rise above the least territory was a piece of unsatisfactory news for the traders, forcing them to search for other coins.
In the last seven days, it was noticed that Bitcoin was trading at $19,715 (3%) and its current market cap is $378 billion. In such a situation, Ether, with a market cap of roughly $190, currently trading at $1665 (6%), overpowered Bitcoin.
Nonetheless, experts came forward with findings that showed Bitcoin’s reduced volatility period in the past, from which it had an uprisal. Reports indicated that in 2020, Bitcoin had a fall to $2,100, from which it rose to $4,100. These findings suggest that Bitcoin is not dead and will soon regain its glory.
FRNT Financial CEO, Stephane Ouellette, commented on crypto’s current condition, “This has been a relatively extended period of reduced volatility, it’s now beyond anything we’ve witnessed in even 2019 where these levels lasted around a quarter to a quarter and a half.”