Bitcoin Transitioning to Safe-Haven Asset as Volatility Plunges

The relative volatility of the world's leading cryptocurrency by market cap has been in a massive downtrend over the past several months

In fact, Bitcoin is becoming less volatile relative to the S&P 500, the major stock market index

Historically, Bitcoin was viewed as an extremely risky asset due to its high volatility compared to traditional markets.

Now, however, its volatility ratio has dwindled, and Bitcoin is behaving more like a traditional asset

Andre Dragosch, head of research at Bitwise, has noted that Bitcoin is now transitioning from a risky asset to a safe-haven asset.

Over the past several weeks, Bitcoin has been mostly range-bound. Earlier today, the cryptocurrency spiked to an intraday high of $110,386, according to CoinGecko data