Oil Has Been More Volatile Than Bitcoin For 2 Months
Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows
“Markets were shocked when the May futures contract on the West Texas Intermediate (WTI) crude, the main oil benchmark for the U.S., crashed Monday on fears arising from massive oversupply due to the effects of the coronavirus measures.
A day later, the June contract tumbled more than 43 percent to a 21-year low of $11.57 a barrel. Bitcoin, though, barely flinched and held within its recent trading range between $6,400 and $7,400.
But, according to data from CryptoCompare, bitcoin has outshone oil for far longer than just a few days when it comes price stability. In fact, ‘black gold’ first started showing greater volatility – that is, the degree of fluctuation in the price of an asset – in early March, and has largely remained higher in April.
CryptoCompare graphed 14-day rolling volatilities for oil, bitcoin, gold and the S&P 500. A volatility above 5 percent for 14 days translates to 25 percent or more on an annualized basis.”