A measure of bitcoin volatility fell to its lowest level since 2016

Bitcoin prices were mostly unchanged Tuesday, extending the recent lull in price activity that has pushed a popular gauge of volatility to its lowest level in almost two years.

One measure of bitcoin’s volatility in the prior 30-day period marked its lowest level since December 2016, as the world’s largest cryptocurrency remains pegged either side of $6,500 baffling industry onlookers.

“It’s hard to have a major thought on it as each day it’s a carbon copy of the last,” said Craig Erlam, senior market analyst at Oanda. “If we see a breakout it could attract momentum, but we’ve been wondering when it will come for a while now.”

Erlam said the consolidation could have served as a period for crypto proponents to work on the technology surrounding digital currencies. “Only time will tell whether they have built something more sustainable,” he said.

Read: Bitcoin trapped in tighter range than Mexican peso, Brazilian real and other popular currencies

Bitcoin 30-day volatility index

Read: What’s more volatile than bitcoin? You may be surprised

In Tuesday trading a single bitcoin
BTCUSD, +0.11%
 was changing hands at $6,346.31, up 0.1% since yesterday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

Elsewhere, altcoins, the group of more than 2,000 coins other than bitcoin, were mostly lower Tuesday. Ether,
ETHUSD, +0.48%
was off 2% at $203.83, Bitcoin Cash
BCHUSD, +0.88%
was unchanged at $510.00, Litecoin
LTCUSD, +0.92%
was down 2.7% at $49.73 and XRP,
XRPUSD, -0.47%
was off 2.9% at 50 cents.

Bitcoin futures underperformed spot prices all day Tuesday. The Cboe Global Markets November contract
XBTX8, +0.04%
finished the session down 0.8% at $6,272.50 and the CME Group November contract
BTCX8, -0.63%
closed Tuesday down 0.7% at $6,285.

Read: What you need to know about the Bitcoin Cash ‘hard fork’

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