Bitcoin Nears The Magic $5,000 Mark As It Battles Against The Nay-Sayers

Investing, News | October 10, 2017 By:

The $5,000 bitcoin is in sight!  Today at mid-day, legacy bitcoin (BTC) stood at just over the $4,900 mark for its single-coin price, within hailing distance of its all-time high and up three percent on the day.

This latest bitcoin rally has BTC up more than $600 from Friday’s $4,300 single-coin price. It’s a strong run-up that has been gaining momentum despite warnings of yet-another potential bitcoin fork, negative news from Russia, South Korea and China, and traditional financial system players tearing their garments over cryptocurrency’s alleged perils.

Green arrows also sprouted elsewhere in the cryptocurrency markets. Ethereum’s ether nipped back over the $300 mark at mid-day, standing at $302, while Bitcoin Cash (BCC) was up to $317, up just under four percent. Litecoin edged back up to more than $50, with Dash ($290) and Monero ($86) also gaining slightly.

The outlier was Ripple’s XRP, which has been volatile lately. Today’s mid-day price stood at $0.257600, down percentage points. This came as Ripple revealed today that it now has more than 100 partners for its intrabank transactions system and $15 billion in reserves, both strong indicators of its growth.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the torpor. It was down to BTVI 44.0, indicating a below-average day over the last 24 hours.


Bitcoin market highlights for the 24 hours ending October 10, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,937.60000000 on the Bitfinex exchange at 2:36 pm today. Bitfinex saw $256,830,000 of bitcoin change hands.

The lowest price seen was $4,651.09000000 on BTCC’s exchange at 3:06 pm yesterday. BTCC’s 24 hour volume was $23,716,800.

The average price on the surveyed exchanges, as weighed by volume, was $4,822.87.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 44.0. 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.