The crypto community witnessed the quick recovery of Bitcoin’s price since the peak of the pandemic. Now, the king coin has recorded a 43 percent increase in terms of addresses in profit. The volatility of Bitcoin is significantly low.
COVID-19 is mankind’s deadliest nightmare that slid its way into reality. This disease unquestionably caused immense damage to life as well as the economy. Almost every market witnessed a slump. Bitcoin, a currency that is touted as a safe haven asset, also recorded a slump while COVID was at its peak.
Undoubtedly, Bitcoin was the fastest recovering asset from this slump. After plummeting to a low of $4,647 in March, the price of the king coin went uphill to 10K and is currently hovering close to it. The price of Bitcoin wasn’t the only factor that witnessed a rise, the percentage of Bitcoin addresses in profit also observed a significant surge since the slump. While other asset classes are still on the way to recovery, the percentage of Bitcoin addresses in profit hit a high of 85.05 percent on 10 June 2020. Even now, the percentage of addresses in profit is hovering around 80 percent.
Huobi’s Ciara Sun tweeted about the same and pointed out that the state of profit was up by 43 percent since the March slump.
Bitcoin’s adoption rate has witnessed a significant increase over the years of its existence. While some strongly denounce the king coin a few others sit on the fence complaining about the currency’s volatile nature. The volatile nature of the coin has definitely had an impact on the rate of adoption. However, the volatility of Bitcoin has been significantly low since the past couple of months. Bitcoin’s latest volatility index was at a low of 2.39 percentage.
Additionally, online data analytics platform skew shared a chart highlighting the realized volatility of Bitcoin was about to descend under the implied volatility of Bitcoin. The platform’s tweet read,
“BTC 3mth Realized Volatility about to drop below the 3mths Implied Volatility for the first time in several months as the week of Black Thursday disappears from the rearview mirror.”
Furthermore, at the time of writing Bitcoin was trading at $9,642 and was also recording a positive change in price. Several speculate that PayPal’s latest move towards the crypto community could be the reason behind the increase in its price.
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