The beginning of 2023 has provided Bitcoin (BTC) with bullish indicators and the rally to a year-to-date high at $21,647 has crypto traders hopeful that the worst part of the bear market has ended. The surge effect of BTC’s bullish price action is also carrying over to Ether (ETH) and Bitcoin mining stocks.
Bitcoin’s price spike has been accompanied by massive growth in trading volume. Over the last week, BTC volume has more than doubled, reaching $10.8 billion, a 114% increase over 7-days.
Increased trading typically correlates to an increase in volatility. While the current 2.4% 7-day volatility levels are still below the 2022 7-day average of 3.1%, Bitcoin has remained consistent during the 2023 rally.
All Comments