Gold Spooks Legacy Bitcoin Price Down – But Other Cryptos Surprise With Strong Rallies

Investing, News | October 24, 2017 By:

Bitcoin continued shrinking today, as the legacy cryptocurrency slipped down to the $5,600 per single coin level at mid-day. But surprisingly, the rest of the crypto market defied the usual trend, heading in the opposite direction and gaining strongly even as its flagship took on water.

Investors were no doubt spooked by the Bitcoin Gold fork, which create d a new blockchain incompatible with the existing version of bitcoin. The fork occurred after block 491.406 was mined on Oct. 24. The network fork was pre-mined for 100,000 tokens and will not be usable until the Bitcoin Gold team releases the software. Potentially, this could create yet another iteration of bitcoin, joining Legacy Bitcoin (BTC) and Bitcoin Cash (BCC).

Bitcoin was down about three-and-a-half percent, dropping from the $5850 level at the same time yesterday. The Block Tribune Volatility Index, which measures price swings in legacy bitcoin, was still higher than normal, sitting at BTVI 54.5 for the last day.

While bitcoin took on water, the rest of the market floated upward in a rush to presumptive safe havens. Ethereum’s ETH was at $305, a more than seven percent gainer, while Ripple XRP was at $0.213677, up more than ten percent. Other gainers: Bitcoin Cash, up to $330, up four percent; Litecoin, $58, up over five percent; Dash at $295, up more than four percent; and Monero was at $89, also up slightly more than four percent.

Was the market spooked by the ongoing dispute over the SegWit2x hard fork, or other hidden turbulence in the market?  Or was it simply a matter of some profit-taking after a lightning-fast run to the $6,100 level? Bitcoin has been known to see-saw in a range when it gets to new high points, and this seems, yet again, another of its fitful stops and starts as it continues climbing.

TODAY’S 24-Hour Bitcoin Prices

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

The highest price seen was $5,979.46000000 on the Bitstamp exchange at 4:30 pm yesterday. Bitstamp saw $97,473,000 of bitcoin change hands.

The lowest price seen was $5,537.00000000 on Bitfinex’s exchange at 10:24 pm yesterday. Bitfinex’s 24 hour volume was $385,165,000.

The average price on the surveyed exchanges, as weighed by volume, was $5,723.58.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 54.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 4 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.