As of Monday, Oct. 22 cryptocurrency markets have taken a downtrend following a series of sideways trading last week. This shift has seen 15 of the top digital tokens by market cap in the red including Bitcoin (BTC). The cryptocurrency is now trading at $6,400. The price of BTC has been in a narrow corridor beginning at $6,372 to $6,730.
The leading crypto token by market cap has lost 0.45 percent in the last 24 hours. In terms of weekly performance, Bitcoin (BTC) has seen a 0.43 percent price drop.
The Sideways Trading in Recent Days is Also The Case With Other Major Digital Assets
Ethereum (ETH) has seen a 6 percent drop to trade around $201 as of press time. The second largest digital asset is down by 1.5 percent over the last seven days, with a whopping 16 percent monthly loss.
Litecoin (LTC) has also suffered losses after it declined from its $55 peak position from Oct. 16. The situation is the same with Ripple (XRP). The digital token has lost 1.07 percent in the past week and is now trading at $0.453. EOS is also down as well suffering a 0.86 percent drop in value to trade at $5.38. While Stellar (XLM) is slightly up by 0.27 percent and is now trading at the $0.242 level.
Bitcoin Cash (BCH) is down as well by 0.39 percent. Monero (XMR) is up by 0.06 percent while Cardano (ADA) suffered a 0.07 percent drop in value. In fact, the total market cap of all digital tokens took a drop and stood at $209 billion as of the time this report came to light. Although it is up by $3 billion after its intraweek low on Oct. 19 where it stood at $206 billion.
Slight Momentum in Crypto Markets As of October 21 Despite Sideways Trading in Major Digital Assets Earlier
Digital currencies including Bitcoin (BTC) have mostly been on a downtrend in the last week. However, as of Oct. 21, the entire digital asset market saw slight momentum which is expected to slowly continue in coming weeks. At the end of trade yesterday the major virtual currencies recorded slight gains, with Bitcoin (BTC) moving back above the $6,500 barrier.
The total market capitalization of the digital tokens also saw a slight influx of up to $210 billion from $209 billion over the day.
Bitcoin is Less Volatile Than Netflix, Amazon, and Nvidia
Bitcoin (BTC) has long been criticized for its volatility, but there’s new data that suggests that the No. 1 digital token is actually less volatile when compared to some of the other top cryptos.
According to CBOE Global Markets, following a 20-day historical volatility of Bitcoin (BTC), the virtual token has fallen to 31.5 percent. This is impressive when compared to the historical volatility of top guns like Netflix (52%), Amazon (35%), and Nvidia Corp (40%).
This report on Bitcoin (BTC) is seen as good news for BTC proponents. For them, Bitcoin’s low historical volatility is important because crypto detractors usually cite excessive volatility as a major hurdle for adoption of the token. Some see it as a reason why a few institutional investors are concerned about getting involved in the crypto token space. Interestingly, day traders, are actually yearning for Bitcoin’s volatility to pick up once again.