Bitcoin (BTC) Returns to Volatility in October
The BTC volatility index grew in October, up from three-month lows, with predictions of another active period for BTC.
Bitcoin (BTC)is slightly more volatile in October, as the price performed a series of crashes and spikes. On Friday, BTC once again climbed to as high as $8,600, only to slide again toward 8,400.
The BTCvolatilityindex picked up from its three-month lows, gaining from 2% to nearly 3%, as BTC once again showed capable of swinging by hundreds of dollars within minutes.
BTC briefly spiked to a peak at $8,714.95 as of 5:00 UTC on Friday, before erasing the gains over the next few hours. But the climb re-sparked hopes of further appreciation, with the possibility of reclaiming the $10,000 tier.
The fear and greed index hovers around 40 points overall in the past month, though with brief drops toward 29 points on days of rapid selling. The growing volatility also coincides with trading volumes picking up.
BTC activity increased, from habitual levels around $14 billion per day, and lows around $12 billion, to above $20 billion during the recent spike and crash. Still, the BTC dominance over altcoins is relatively low at 66.9%, as some assets reawakened and gained ground.
What is curious is that no new USDT was printed this time. However, another stablecoin, USDC, has been gaining ground, expanding its supply by 100 million coins within weeks. Currently, USDC minted another tranche of coins, boosting the supply to above 467 million.
https://twitter.com/whale_alert/status/1182445547686432771
USDC is the fastest-growing stablecoin in 2019, and may extend the effect of USDT.
Transactionson the Bitcoin network also picked up ahead of the price spike, indicating that movement of coins often precedes price action.