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- The lack of external catalysts forced top cryptos to stay glued to their narrow ranges.<\/em><\/li>\n
- Experts said that the silent phase could be utilized for innovations in the industry.<\/i><\/li>\n<\/ul>\n
The fiercest critics of cryptocurrencies\u2019 high volatility may be finding it hard to stomach the ongoing dynamics of the market. For the uninitiated, the crypto market was exhibiting more stability than the oil market as of 16 August.<\/p>\n
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\ud83d\udc40\ud83d\udcc8#BTC<\/a> and #ETH<\/a> 90-day #volatility<\/a> just dropped to multi-year lows at 35% & 37% each, making them less volatile than oil at 41%.\ud83e\udd14\ud83d\uddd3\ufe0f pic.twitter.com\/VMfTW53goG<\/a><\/p>\n
\u2014 Kaiko (@KaikoData) August 16, 2023<\/a><\/p>\n<\/blockquote>\n
\nAre your BTC holdings flashing green? Check out the\u00a0Bitcoin Profit Calculator<\/a><\/p>\n
\nAccording to digital assets data provider Kaiko, the 90-day annualized volatility for\u00a0Bitcoin [BTC]<\/a>\u00a0and\u00a0Ethereum [ETH]<\/a> plummeted to multi-year lows of 35% and 37%, respectively. This made them less volatile than the \u2018Black Gold,\u2019 which was at 41%.<\/p>\n
Digital Gold vs Black Gold<\/h4>\n
The two largest cryptos by market cap have remained glued to narrow trading ranges, with no directional breakout from the gains earned through the last meaningful rally in June, per Glassnode.<\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-price-eth-price.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
The June rally was built on the hype around TradFi interest in digital assets. However, things haven\u2019t moved faster since then. The U.S. Securities and Exchange Commission (SEC) pushed back the deadlines<\/a> for several spot ETF approvals to 2024, as the regulator subjects the crypto instruments to stringent examination.<\/p>\n
The delay triggered anxieties among participants with both BTC and ETH recording week-to-date (WTD) losses of more than 3%.<\/p>\n
On the other hand, continuous supply curbs have sent crude oil benchmark indices like the Brent Crude and West Texas Intermediate (WTI) soaring. Since mid-June, Brent Crude has shot up by more than 12% until the press time value of $83.61, according to Investing.com<\/a>.<\/p>\n
WTI was up 15%<\/a> in the same time period.<\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Brent-Crude.jpg\")
<\/a><\/p>\nSource: Investing.com\/Brent Crude<\/p>\n<\/div>\n
The dip in crypto assets\u2019 volatility could be attributed to shrinking liquid supply, i.e. the number of tokens available for buying and selling. BTC and ETH reserves on exchanges hit multi-year lows at the time of writing.<\/p>\n
- Experts said that the silent phase could be utilized for innovations in the industry.<\/i><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-price-eth-price-eth-exchange-balance-total-btc-exchange-balance-total.png\")