For the 10th consecutive session Bitcoin prices are trading largely unchanged as volatility in the world’s largest digital currency continues to fall.
In Thursday trading a single Bitcoin
was going for $6,436.58, down 0.5% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange.
Yet, as Bitcoin continues to tread water, equity markets are in the midst of a volatile patch. On Wednesday, major indices, including the Dow Jones Industrial Average
and the S&P 500
wiped out their gains for 2018 as global growth concerns have investors re-evaluating stock prices versus bond yields. However, on Thursday, stock markets had turned it around, and by mid-afternoon trading major indices had clawed back more than half of Wednesday’s losses.
Read: Dow falls 600 points and wipes out 2018 gains; Nasdaq enters correction territory
This stability in the crypto market has proponents—not for the first time—championing the case for the nascent technology in a traditional portfolio. “The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the cryptoassets is an extremely positive sign,” wrote Mati Greenspan, senior market analyst at eToro.
“This is a prime example of how crypto’s are uncorrelated and it only serves to increase their use case as a powerful tool for asset management.”
Since the spike higher on Monday, Oct. 15, Bitcoin hasn’t traded above $6,500 or below $6,300, which has seen the Bitcoin 30-day volatility index plummet below 2%, down from 8% to begin the year, according to data from BuyBitcoinWorldwide.
Read: What’s more volatile than Bitcoin? You may be surprised
BTC/USD courtesy of TradingView
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Altcoins, the collective group of digital currencies other than Bitcoin, are marginally lower Thursday. Ether,
the second-largest digital currency was down 0.8% at $199.69, Bitcoin Cash