Bitcoin price (BTC/USD) largely unchanged in low-volatility trading

The Bitcoin price (BTC/USD) has been stuck in a tight range around the $3,650 mark, as its daily volatility has plummeted compared to a year ago.

The original cryptocurrency enjoyed some positive price action in the early hours of yesterday’s session, when it rose to $3,685.78, from its opening price of $3,631.51. However, this turned out to be the best period for Bitcoin in the session, as the coin pulled back in subsequent trading and never managed to revisit the early high. The coin spent the rest of the session hovering in a tight range above its opening level and eventually finished the day at $3,655.01.

Bitcoin had a more challenging morning session on Thursday, with its price falling to a low as $3,621.96. However, the coin has managed to bounce back and pare most of these losses in the afternoon. At the time of writing, the Bitcoin price was hovering around the $3,650 level, according to data from digital currency tracker Coinmarketcap.

Overall, it has been another 24 hours of low-volatility trading for the No. 1 digital currency. In its technical analysis for January 17, industry website Coindesk noted that Bitcoin price volatility had crashed in the past 12 months. According to the report, Bitcoin’s daily volatility on Wednesday was down 98% from a year ago.

“Generally, with a sharp drop in price, volatility in dollar terms tends to fall in parallel,” the publication said, adding that the Bitcoin price is down 74% on year-on-year basis.

In today’s trading, the Bitcoin price stood at $3,649.57, as of 17:17 GMT. The digital coin has lost 0.3% of its value over the past 24 hours. The coin’s total market cap currently stands at $63.8 billion, which represents 52.4% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.