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.
In Tuesday trading a single bitcoin
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,
was off 2% at $203.83, Bitcoin Cash
was unchanged at $510.00, Litecoin
was down 2.7% at $49.73 and XRP,
was off 2.9% at 50 cents.
Bitcoin futures underperformed spot prices all day Tuesday. The Cboe Global Markets November contract
finished the session down 0.8% at $6,272.50 and the CME Group November contract
closed Tuesday down 0.7% at $6,285.
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