Bitcoin Back Over $4,000 As Market Recovers

Investing, News | September 18, 2017 By:

Well, that was quick. Legacy bitcoin (BTC) is now back over the $4,000 mark after briefly dipping under $3,000 way back when – or last week, as we call it.

At mid-day, BTC’s single-coin price stood at $4,001, up nearly 10 percent over the last 24 hours. It’s cousin, Bitcoin Cash (BCC) was back to $466, up from $405 on Friday.

The rest of the market continued the resurgence. Ethereum’s ether was at $288, up from $240 at the end of last week, while Ripple’s XRP was at $0.186210, up more than three percent. Litecoin was at $54, up more than 10 percent, while Dash ($327) and Monero ($99) also posted strong gains.

While the news that prompted the cryptocurrency meltdown hasn’t changed – China appears to be shutting down its domestic exchanges – some financial backers have urged investors not to panic at the moment’s news, but to think long-term value.

What happens next?  There have been rumors that the Chinese will still allow institutional trading and/or grandfather-in existing coin-holders. There are also whispers that it is banning all cryptocurrency trading, foreign and domestic. If that happens, an important source of trading volume being totally removed from the market is obviously not good news.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 56.5, indicating an above-average day and reflecting the continued market flux.


Bitcoin market highlights for the 24 hours ending September 18, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,339.85 on the LakeBTC exchange at 9:24 am today. LakeBTC saw $19,360,800 of bitcoin change hands.

The lowest price seen was $3,655.99 on Bittrex’s exchange at 7:48 pm yesterday. Bittrex’s 24 hour volume was $43,448,300.

The average price on the surveyed exchanges, as weighed by volume, was $3,901.41.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 56.5. 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.