There is a specialized site that measures the volatility of the Bitcoin price with estimates from the last 30 to 60 days, www.buybitcoinworldwide.com/volatility-index.
Volatility is calculated as the price variability in the time period considered: The lower the volatility, the lower the variable price and with high rates of fluctuations.
Let's take the one-year series of this BTC/USD exchange rate volatility chart to 30 and 60 days: You can see that the 30-day volatility is at a historic minimum from one year, while the 60-day is approaching the minimum.
We can see from the graph that volatility peak was reached in the first 15 days of January 2018, coinciding with the formation of the "speculative bubble" of December 2017 and shortly before the prices had the sharp fall.
Since then, volatility has steadily declined to reach levels of about a year ago.
If you extend the time range to the last 5 years, you may notice that in the past it was even lower, however, during the previous bubble (late 2013), the volatility level was even higher than the bubble at the end of 2017.
It can certainly be said that the Bitcoin volatility is very high during periods of great enthusiasm (those in which very large and concentrated ascending movements are formed and concentrated in short periods of time), while in "normal" times. It decreases a lot. To date, for example, 30-days volatility is only 2.8%, while that of 60 days is 3.6% (but decreasing), significantly lower levels.
So, if we exclude periods of excess enthusiasm (depth/speed increases/lows), the price volatility of Bitcoin does not seem so exaggerated. Of course, on average it is higher than traditional financial markets, but probably not that much to scare investors, as in turn they want us to create the press and media. It would be a good rule to ignore these periods of “excess" when a long-term reasoning is made about the progress of the Bitcoin value; we will surely see other similar movements in the future. In any case, until now, when a speculative bubble was formed, the final price of Bitcoin remained higher than before the boom of this (i.e., the value it had before the volatility began to grow).
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