Bitcoin transitions to safe inventory assets as volatility plummets

The relative volatility of world's major cryptocurrencies by market capitalization has been on a massive downtrend over the past few months.

In fact, Bitcoin is less volatile than its main stock market index, the S&P 500.

Historically, Bitcoin was considered a very dangerous asset due to its higher volatility compared to traditional markets.

However, its volatility ratio is currently declining, and Bitcoin behaves like a traditional asset.

Bitwise's research director Andre Dragosch notes that Bitcoin is currently moving from dangerous assets to safe assets.

Over the past few weeks, Bitcoin has been largely bound by range. Earlier today, cryptocurrency surged to an intraday high of $110,386, according to Coingecko data.