Another Day, Another All-Time High For Legacy Bitcoin

Investing, News | August 14, 2017 By:

The legacy bitcoin train is rolling, with single-coin prices topping the $4,200 mark at mid-day on Monday. It marks a new all-time high for BTC, which elevated over the $4,000 single-coin price for the first time over the weekend.

Today’s price means legacy bitcoin has gone up $700 from Friday’s mid-day price of $3,500. It’s a clear indication that the market has its eyes firm set on reaching $5,000 by the fall, and don’t bet against it going up from there. The Block Tribune Volatility Index, which measures pricing swings in legacy bitcoin, sat at BTVI 62.0, indicating well above-average volatility in the last 24 hours.

The news Monday for other cryptocurrencies was mixed. Bitcoin Cash (BCC) continued on its own path, dipping below $300 to the $296 mark, down from Friday’s $329.

Ethereum’s ether was also down below the magic $300 mark, albeit barely at $299. Litecoin, Ripple, and Dash were also down incrementally, with Monero slightly up to $47.

As the bitcoin wars cool – Segregated Witness is now locked-in with the legacy bitcoin miners and awaits its final updates by all – the main question is, how far is up for the original cryptocurrency and its market partners?

Predictions on all sorts of outlandish valuations for bitcoin have been floated by some pretty smart people, and deep-pocketed investors (well, some of them) have shown no qualms about diving into the market in a deep-pocketed way. With the stock market booming as well, there seems to be a wealth effect going on with the capital markets. Whether that means further joy or ends in tears is a matter for the financial Gods to sort in the coming months.

The Block Tribune Volatility Index, which measures pricing swings in legacy bitcoin, sat at BTVI 50.6, indicating a lightly above-average volatility.



Bitcoin market highlights for the 24 hours ending August 14, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,348.00 on the Kraken exchange at 1:30 pm today. Kraken saw $35,970,200 of bitcoin change hands.

The lowest price seen was $3,943.01 on Bitstamp’s exchange at 3:36 pm yesterday. Bitstamp’s 24 hour volume was $53,930,500.

The average price on the surveyed exchanges, as weighed by volume, was $4,122.06.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 62.0. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.