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Bitcoin price in November saw high volatility of several months

Cryptocurrency

According to Blockforce Capital, the volatility of the world’s leading cryptocurrency peaked at several months in November

Blockforce Capital data revealed that Bitcoin’s price volatility has risen to levels not seen since early June – with prices fluctuating aggressively in this period. Bitcoin’s annualized 30-day price volatility reached 68.64% when November came to an end.

According to data from CoinDesk, volatility has risen to this level at the same time as the price of Bitcoin jumped to $ 19,354.98. This price level was only 5% shy compared to the previous record of $ 19,783.21 set in December 2017 – almost three years ago.

Interestingly, there is not a big difference between this high five-month figure and average long-term volatility. The annualized 30-day volatility is 68.64%, which is about 8.6% higher than the historical average 30-day volatility of 63.22%.

November was indeed a key month for cryptocurrency. CoinDesk data shows that the price of Bitcoin increased to $ 19,392.91 on November 24, which was an annual high at the time and a 40% gain for the month. A brief retreat after that increase saw its price drop to $ 16,242.70, just two days later.

However, Bitcoin managed to recover and returned to a bullish trajectory, registering marked gains in the following days. Staying on this bullish path, Bitcoin set a new historical record of $ 19,900 on November 30th.

Overall, Bitcoin had an upward trend for most of the year. It is currently about 400% above its 2020 low, when the price dropped to less than $ 3,900 in March. Since then, cryptocurrency has taken full advantage of its constant upward momentum.

Regarding the recent bull season, many analysts highlighted the influence and interest of the institutions as the main driving force; in stark contrast to the booming market in 2017. Institutions like MicroStrategy, as well as financial service providers like PayPal and Square, contributed significantly to the bull run in their activities and overall engagement.

The 2017 bull market, on the other hand, was totally different. The price increase at the time was driven by retail investors and extensive media coverage.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.