As it stands, throughout October, the unequivocal leader in the cryptocurrency realm, Bitcoin, proved to be singularly constant in its position on the market. A quick look at the same cryptocurrency a month back reveals that since the end of September, the value of Bitcoin has only gone below the $6,300 mark once in a period of seven days.
Nasdaq, S&P 500, and DOW are More Volatile Than Bitcoin
According to a crypto bull and a Morgan Creek partner, Anthony Pompliano, the value of Bitcoin for the past month has been more stable when compared to Nasdaq, S&P 500, and DOW. He took to Twitter to share this observation by stating “Bitcoin has been less volatile than NASDAQ, DOW and S&P 500 over the past month.” This tweet received hundreds of re-tweets from renowned crypto investors including Changpeng Zhao – the founder and CEO of Binance.
Good news
The fact that Bitcoin remained unaffected by a haywire state of the ongoing stock market is good news. This is according to Mati Greenspan, a renowned Bitcoin analyst based on the world’s largest social trading and multi-asset Brokerage Company – eToro. He also stated that crypto does not fall into the group of the most erratic assets at the time being. This means that cryptocurrencies are gaining more trust as an influential means for managing assets.
What the future holds for Bitcoin
Despite the steadiness, Bitcoin has been faithful to for quite a while, there are speculations that this trend is bound to change sharply in the direction shortly. There are a couple of theories that back up this change:
- According to one of them, this is a matter of time when the dollar market finds itself in the state of selling off. Then, investors will diverge their focus onto Bitcoin, which will bring it to the level of every bullish stock or fiat.
- Another idea behind Bitcoin’s switching into the bull-run state is propelled by the upcoming crypto project of the New York Stock Exchange. Specifically, their new crypto platform, referred to as Bakkt, is widely speculated to become the long-awaited catalyst for stimulating the upward trend on Bitcoin value.
As the launch of Bakkt is scheduled for December, it appears we will not have to wait for long to see whether the change comes.
For more updates on the subject of Bitcoin, make sure to stay tuned to our blog!
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