Major digital currency prices cannot buck the recent trend, trading mostly unchanged.
In Thursday trading one bitcoin BTCUSD, +0.00% was fetching $6,321.71, unchanged since Wednesday 5 p.m. Eastern Time on the Kraken crypto exchange.
The lull has analysts turning to stocks to cure their craving for volatility. “The average true trading range of bitcoin has dropped to $157 from its January peak of $1,500. Its historical volatility has also dropped so low that stocks like Amazon and Apple are more attractive,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.
The move from $1,550 to $157 represents a fall of 89.5%.
Furthermore, Aslam said as bitcoin inches towards downside support, a move to the 2018 low becomes a real possibility: “The price of bitcoin is moving towards a critical support level of $6,100 and a break of this is going to open the floor towards the $5,717 mark.”
Read: What’s more volatile than bitcoin? You may be surprised
What are the smaller coins doing?
Coins other than bitcoin, which are smaller in market cap and are collectively known as altcoins, are mostly unchanged Thursday too. Ether ETHUSD, +0.20% was up 0.1% at $196.60, Bitcoin Cash BCHUSD, -0.61% was off 0.5% at $421.90, Litecoin LTCUSD, -0.26% was unchanged at $49.68 and XRP, XRPUSD, +0.11% was down 0.1% at 45 cents.
Bitcoin futures were off to a slow start Thursday. The Cboe Global Markets November contract XBTX8, +0.08% was up 0.1% at $6,300, while the CME Group November contract US:BTCV8 was unchanged at $6,295.
Read: The round numbers that show just how far bitcoin has come in 10 years
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