Bitcoin News Today – Headlines for January 2

Bitcoin Trading
  • Bitcoin (BTC) is the top-performing commodity asset of 2019
  • The volatility of BTC in 2019 was relatively low
  • Bitcoin is still a safe heaven asset

Bitcoin News Today – Bitcoin (BTC) has ended the year as the top-performing commodity asset regardless of its segregation from the majority of commodities market wrap up reports. With a one-year increase of about 90 percent, the world’s largest digital currency by market cap surpassed many commodity assets by a great margin.

According to data from Reuters, Palladium surged by 57 percent, US crude oil surged by 35.8 percent, and nickel surged by 34.1 percent. The digital currency has done pretty well against commodity assets despite all the bearishness it experienced in the second half of 2019.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

The Volatility of Bitcoin (BTC) Was Relatively Low in 2019

According to Skew Trading, the volatility of Bitcoin – which is a disqualifier for many institutional investors – has remained below the levels seen in 2018. The digital currency posted losses or gains less than 1 percent in 150 days in 2019. Volatility was a game of two halves last year, as the digital currency dropped sharply over the first six months, and then it started to ascend at the beginning of July.

This closely reflects gold’s volatility – hypothetically strengthening the narrative of BTC being a hedge against global economic fears, triggered by factors such as collapsing bond yields, the impending uncertainty of Brexit, and the US-China trade war. However, the accuracy of this narrative could be called into question with a key metric – the number of daily active addresses in the BTC network.

That figure only surged by 7 percent last year, regardless of a steady unfolding increase in Bitcoin awareness and Institutional Interest.

Bitcoin (BTC) Is Still a Hedge against Other Top Assets

Bitcoin (BTC) has continued to outperform assets such as gold, US stocks, oil, and real estate by risk-adjusted return. This ratio declined continually over the second half of the year. However, a new high made in the hash rate of the network, on Dec. 23, could suggest that BTC will soon improve this metric. More interestingly, last year, Bitcoin was able to exceed the US dollar transaction volumes of 2018 – a record year that $1.3 trillion put the base-layer transactional volume of the network over PayPal.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) is currently changing hands at $7,122 after a decrease of about 1.2 percent over the past day. BTC has been trading sideways since the New Year, and it just broke below the $7,150 support level a few hours ago. The immediate support of the coin is $7,100 and the next support is at $7k. On the upside, the major resistance of the coin is at the $7,200 mark.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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