Bitcoin, the flagship cryptocurrency, is on track to having its quietest week since October of last year, as its price is still trading within a $3,500 to $3,800 range it has been stuck on since January 10, when it fell from a $4,100 high.
According to CryptoCompare data, the flagship cryptocurrency is currently trading at $3,580 after falling 0.47% in the last 24-hour period. Its market cap is at $62.66 billion, meaning it has a 52.8% share of the cryptocurrency ecosystem.
In the last 30 days the cryptocurrency has seen its price drop only 2.4% as it’s trading with a tight $300 range, that it hasn’t broken throughout various developments, including the Cboe pulling the VanEck-SolidX Bitcoin ETF proposal.
As CryptoGlobe covered, prominent peer-to-peer exchange LocalBitcoins has recently been breached by an “unauthorized source,” and saw over $28,000 worth of BTC be taken from its users. Meanwhile investment in the space has kept on growing, as crypto wallet BRD recently raised $15 million after doubling its userbase last year.
The cryptocurrency’s price has, despite these developments, kept its range. This has seen its 3-month volatility index drop to a two month low, as it recently hit 3.39%, a level it hasn’t seen since November 20, according to Buy Bitcoin Worldwide.
Speaking to MarketWatch Mati Greenspan, a senior market analyst at eToro, noted that the cryptocurrency’s low volatility is related to its trading volume. He was quoted as saying:
We have seen a few sudden spikes but that’s mainly because volumes have tracked off. they are down about 20% from a week ago.
Other top cryptocurrencies are, at press time, dropping as well. Ether has dropped 2% to $114.5, while XRP dropped 2.1% to $0.31. Litecoin, Zcash, and XMR dropped less than 2%, while Bitcoin Cash and Dash dropped 2.7% and 4.1% respectively.
TRON’s TRX is notably countering the bearish trend, as it’s up in the last 24-hour period. It recently moved ahead of Stellar (XLM), and LTC in terms of market capitalization. Binance’s BNB is also up, by 1%.