According to Bloomberg, the current run is different from the 2017 bull rally that topped out below $20,000 in terms of volatility.
Indeed, data from Woobull Charts puts Bitcoin’s 60-day volatility at 14.25%, a significant decline from the over 32% recorded at the zenith of the 2017 bull run.
Bitcoin 60-day Volatility. Source: Woobull Charts
However, in terms of realized volatility, Bitcoin’s price swings are still orders of magnitude higher than gold. Data from crypto analytics provider Skew puts Bitcoin’s current three-month realized volatility at 90% — more than five times the actual price move for gold as reported by JP Morgan analysts.
In a note to investors, JP Morgan analysts argued that Bitcoin’s current price rally is unsustainable unless volatility decreases significantly. Part of this assessment likely comes from the rollercoaster January where BTC rallied 46% to