WEEKEND UPDATE: Bitcoin Cash Continues to Skyrocket, Up To $900

Investing, News | August 18, 2017 By:

Baseball pitcher Satchel Paige was known for his rules of life. One of his favorite sayings may apply to legacy bitcoin this week, to wit: “Don’t look back. Something may be gaining on you.”

The news of the day Friday focused on Bitcoin Cash (BCC), which is rocketing upward in price over the last two days. BCC stands at over $900 per single coin on Saturday morning, up from Friday mid-days $611 and a massive leap from Thursday’s $402.

Tons of money pouring in from Asia is evidently driving the BCC machine. News on quick transactions, the attention of mining companies toward its potential, and its generally low price compared to legacy bitcoin seemed to be driving the market. How high it goes in the next week will be interesting.

Meanwhile, legacy bitcoin (BTC) was down to the mid-$4100 level per single coin price on Friday. That’s a steep drop from its all-time high earlier this week of $4,500 and may signal a retreat to more comfortable levels for current investors.

After several days of above-average pricing volatility, the Block Tribune Volatility Index, which measures pricing swings in legacy bitcoin, settled down. Today’s BTVI 47.0 indicates slightly below-average volatility in the last 24 hours. It continued a cooling off from Tuesday’s torried BTVI 71.1 and Wednesday’s 58.1.

Elsewhere on the crypto charts, ethereum’s ether was at the $297 level, while Ripple’s XRP broke its recent slump, up just over two percent to $0.15986 at mid-day. Litecoin was also up slightly to $44 at mid-day, while Dash was pounded after a major leap forward in the last two days, down to $224.  Monero continued its mostly sideways pattern of the last month, sitting at the $48 level at mid-day.



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

The highest price seen was $4,364.40 on the BitMEX exchange at 6:30 am today. BitMEX saw $260,316,000 of bitcoin change hands.

The lowest price seen was $4,100.00 on Bitfinex’s exchange at 1:36 pm today. Bitfinex’s 24 hour volume was $161,281,000.

The average price on the surveyed exchanges, as weighed by volume, was $4,277.20.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 47.0. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 9 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.