Bitcoin Bounces Off The Bottom, While Bitcoin Cash Looks Unstoppable

Investing, News | November 13, 2017 By:

It was a bit of lost weekend for legacy bitcoin. After plunging down as low as $5,800 ( a drop of over $2,000) for single coins, BTC has rallied. It’s now back up to $6,400, but has a long way to go to get back to its $7,900 peak.

Adding to the pain was upstart Bitcoin Cash’s performance. Use any adjective you want – skyrocketed, zoomed, exploded – but BCC ran as high as the $1,800 level over the weekend, fueled by enormous (some claim suspicious) volumes coming out of South Korea and other points in Asia. Is this real interest, or is it a mirage, maybe something worse that has yet to be discovered?  As of this morning, Bitcoin Cash sits at $1,440, an enormous leap up from the $300 range it was lingering in for most of the last two months.

Bitcoin market highlights for the 24 hours ending November 13, 2017 at 1:00 pm U.S. Eastern Time

The highest price seen was $6,833.05 on the GDAX exchange at 8:36 am today. GDAX saw $333,360,000 of bitcoin change hands.

The lowest price seen was $5,597.30 on Bitfinex’s exchange at 6:30 pm yesterday. Bitfinex’s 24 hour volume was $752,546,000.

The average price on the surveyed exchanges, as weighed by volume, was $6,165.66.

Volatility was unusually high, with the BlockTribune Volatility Index coming in at 79.2. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 5 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.