Bitcoin Prices Gradually Retrace from $18,000 Highbr>
The air is coming out of the bitcoin bubble. As most anticipated, the incredible run-up of the last five days is gradually deflating, with bitcoin standing at the $15,500 mark this morning.
While down pricing is never good news, the hyper-inflation of BTC seen over the last two weeks couldn’t be sustained by any logic. Bitcoin briefly touched the $18,000 mark yesterday on at least one exchange, blowing through several milestones without pause. Keep in mind, bitcoin first breached the $10,000 per single coin mark on Nov. 28, and even that was a surprise.
What’s next? As bitcoin futures and derivatives come online, there will be more opportunities for growth in the sector. We may someday look upon this moment as some fondly recall housing prices in the 1950s.
Bitcoin market highlights for the 24 hours ending December 8, 2017 at 1:00 pm U.S. Eastern Time
The highest price seen was $17,949.00 on the BTCC exchange at 7:36 pm yesterday. BTCC saw $257,602,000 of bitcoin change hands.
The lowest price seen was $13,752.00 on Bitfinex’s exchange at 6:36 am today. Bitfinex’s 24 hour volume was $2,133,190,000.
The average price on the surveyed exchanges, as weighed by volume, was $15,827.00.
Volatility was unusually high, with the BlockTribune Volatility Index coming in at 71.0. A higher number indicates greater price volatility with 50 describing an average day.
These statistics were consolidated from 9 different exchanges. It includes only 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.