Bitcoin Price Recovers, But Some Cryptos Struggle In Aftermath of Meltdown

Investing, News | September 15, 2017 By:

The cryptocurrency market recovered today from Thursday’s bloodbath, with strong price rebounds in virtually all the major coins.

Legacy bitcoin (BTC) was up more than five percent at mid-day, hitting the $3,533 single-coin level. It had briefly dropped below $3,000 on at least one exchange before the bulls weighed in.

Other gainers included ethereum’s ether, which also started to climb off the deck to $240; Ripple XRP, up just under two percent to $0.178837; Dash, which was boosted more than 10 percent to $279; and Monero, up to the $95 level, a two percent gainer.

Still struggling: Bitcoin Cash (BCC) down nearly two percent to $405; and Litecoin, also down nearly two percent to $46 per single coin.

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. But an important source of trading volume being totally removed from the market (China accounts for 40 percent of bitcoin volume) is obviously not good news. Still, if the current situation means regulators are finally stepping in with rules and oversight, it could stabilize the markets and provide some investor assurances on cryptocurrency’s long-term viability.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 66.7, a well-above average day and a reflection of the continued flux in the market at this moment.


Bitcoin market highlights for the 24 hours ending September 15, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $3,876.20 on the GDAX exchange at 12:00 pm today. GDAX saw $209,083,000 of bitcoin change hands.

The lowest price seen was $2,942.71 on Poloniex’s exchange at 7:30 am today. Poloniex’s 24 hour volume was $141,723,000.

The average price on the surveyed exchanges, as weighed by volume, was $3,353.56.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 66.7. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 8 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.