- Volatility is back with a bang.
- On Wednesday, Bitcoin saw a drop of 12% then on Friday BTC recorded the 3rd highest percentage of gains at 42% in its history.
The last two times Bitcoin saw more than 42% of the daily gain, the flagship cryptocurrency was trading at $0.40 and $0.65.
With 42% gains, BTC recorded 3rd highest percentage of gain in its history. The largest 24-hour price fluctuation was 52% in January, while the second highest one was just a month prior in December 2017 of 43%. In September 2017, it was 40%.
As seen in this tweet,
This upsurge economist and trader Alex Kruger says wasn’t driven by moving averages, trend lines, Fibonacci, or the CME expiry. Such 42% outliers are the result of news like China President Xi Jinping embracing blockchain technology.
“President Xi is the true Crypto Dad,” stated Kruger. No matter the driving force behind this rise, the market is enjoying the greens.
Twitter CEO Jack Dorsey also took to Twitter to make a ‘buy bitcoin’ call,
No Alt-season This Time?
While the leading cryptocurrency is making historical gains, altcoins, though registering gains, they aren’t of that proportion. As such, BTC dominance has climbed back above 70%, from 67% on Oct. 25.
While sharing this update, prominent analyst PlanB, who is famous for his stock to flow approach to BTC price, took to Twitter to state,
PlanB further explained his reason for no alt season hashtag,
“IMO we are at war with the fiat money printers, and in that context I believe in concentration of assets. Only if we concentrate people & resources on btc, and don’t fall for divide & conquer tactics of our enemies, we have a chance to deploy btc sound money protocol.”
Bitcoin is currently trading at $9,208, as per Coincodex while managing the daily trading volume of $2.36 billion, up from $300 million earlier this week and $500 million from early in the day yesterday, on top ten exchanges with real volume.
Bakkt also made a new record of 1183 BTC on Oct. 25, up from 331 BTC changing hands the day before and the previous all-time high of 640.