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A measure of bitcoin volatility fell to its lowest level since 2016

Bitcoin prices are mostly unchanged Tuesday, extending the recent lull in price activity that has pushed a popular gauge of volatility to its lowest level in almost two years.

One measure of bitcoin’s volatility in the prior 30-day period marked its lowest level since December 2016, as the world’s largest cryptocurrency remains pegged either side of $6,500 baffling industry onlookers.

“It’s hard to have a major thought on it as each day it’s a carbon copy of the last,” said Craig Erlam, senior market analyst at Oanda. “If we see a breakout it could attract momentum, but we’ve been wondering when it will come for a while now.”

Erlam said the consolidation could have served as a period for crypto proponents to work on the technology surrounding digital currencies. “Only time will tell whether they have built something more sustainable,” he said.

Read: Bitcoin trapped in tighter range than Mexican peso, Brazilian real and other popular currencies

Bitcoin 30-day volatility index

Read: What’s more volatile than bitcoin? You may be surprised

In Tuesday trading a single bitcoin

BTCUSD, -0.25%

 was changing hands at $6,346.31, up 0.1% since yesterday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

Elsewhere, altcoins, the group of more than 2,000 coins other than bitcoin, were having a mixed day Tuesday. Ether,

ETHUSD, -1.93%

was off 1.1% at $205.74, Bitcoin Cash

BCHUSD, +0.67%

was up 1% at $515.10, Litecoin

LTCUSD, -2.11%

was down 0.9% at $49.73 and XRP,

XRPUSD, -2.70%

was off 0.9% at 51 cents.

Bitcoin futures are underperforming spot prices on Tuesday. The Cboe Global Markets November contract

XBTX8, -0.87%

was down 0.6% at $6,285 and the CME Group November contract

BTCX8, -0.95%

was down 0.6% at $6,290.

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