Market Wrap: Bitcoin Sticks Around $9,200
Bitcoin continues to trade in stasis around $9,200. Head of Institutional Sales at DV Chain, Michael Rabkin was quoted by CoinDesk saying, “Over the last three months we’ve seen lower volatility, and especially over the last 30 days it’s at a historic low for Bitcoin.”
Traders seem to pine for the Bitcoin volatility that was once the norm – and they expect it to return after what has been a lull.
It’s a holding pattern for Bitcoin, said Michael Rabkin. “I think given the equity markets being up – in my opinion based on the additional announced #quantitativeeasing – we could see the price rise as investors look for a safe haven asset as #coronavirus and trade wars continue,” he told CoinDesk.
Indeed, alternative coins to Bitcoin, or altcoins, are picking up traction. Bitcoin’s dominance, a measure of the world’s oldest cryptocurrency occupies crypto market share, is down to 63%. It’s a level not seen since Feb. 18, as traders look towards non-bitcoin assets, particularly in the decentralized finance, or DeFI, space.
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Sourced Directly from CoinDesk. Click on the following link to read the full story: https://www.coindesk.com/market-wrap-bitcoin-sticks-around-9200-as-traders-eye-other-markets-for-action