Kraken stands as a US-based crypto exchange, and boasts of being one of the first exchanges out there. According to a new report, Bitcoin’s overall annual volatility saw itself rise to levels it hasn’t seen since April of 2020, shortly after the “Black Thursday” event that saw the entire space halve itself in value.
Coming Close To Black Thursday’s Volatility
January really was a chaotic time for the world’s first cryptocurrency, luckily only in a positive light this time. The asset managed to rally by a whopping 46%, going up to a new high (at the time) of $41,989. Shortly after, Bitcoin retraced by a whopping 32%, going down to below $29,000. As a result of these actions, the annualized volatility of the asset went up past 100%. These kinds of numbers have only been seen during the Black Thursday price collapse of 2020.
It was early March 2020. The COVID-19 pandemic had only started to grip the world. In a single week, the entire crypto space halved itself in market cap. Budgets were in tatters, investments were in ruins, and the volatility spiked through the roof. During that terrible time, the volatility of the asset stood at a whopping 150%.
Bitcoin Beaten By Other Crypto In Volatility
Now, in these strange times, Bitcoin reaching such a level of volatility isn’t even the top news anymore. Indeed, of the five biggest non-stablecoin cryptocurrencies out there in terms of market cap, Bitcoin experienced the smallest spike in volatility.
The winner for the most annualized volatility had gone to Polkadot (DOT). The asset managed to record a volatility of 228%. Next in line was Cardano (ADA), who recorded a 183% volatility. Even Ethereum got in on it, seeing a volatility of 160%. Granted, DOT, ETH, and ADA all had an advantage over Bitcoin, as well, as these assets didn’t suffer a heavy correction back in January. Indeed, they closed out the month record near their various local highs.
Peter Schiff Doing His Thing
Kraken is convinced that Bitcoin will see an upward trend for February, with a decrease in volatility, citing how it historically managed to return six percentage points on average, with 15% less volatility.
Among all this chaos, there is one constant that has never changed for the crypto space: The sad and amusing fact that Peter Schiff is against everything that isn’t gold. In a recent tweet, he declared that Bitcoin would follow the path of myspace. It should be noted, however, that Bitcoin is over ten years old and still chugging along. The same can’t be said for MySpace. Today’s generation doesn’t even know what that is, to begin with