Bitcoin Rallies Briefly, Temporarily Halting Downward Momentum

Investing, News | March 12, 2018 By:

A brief rally in digital currency prices earlier today has already fizzled. The really, which saw bitcoin rise as high as $9,900 on at least one exchange, is now down to about $9,300 per single coin.

Despite the markings of a classic sucker’s rally, the flare-up did halt the downward momentum that saw bitcoin tumble from near $12,000 to the $8,000 level, a drop that had bears out in force to predict all sorts of low-ball pricing in the future.

Regulators continue to beat the drums for increased control over the cryptocurrency markets, while the hack at the Binance exchange has caused a few more grey hairs for nervous investors. The silver lining in all this is the growing acceptance of cryptocurrency as a legitimate means of transaction by an increasing majority, as the days when digital currency can be dismissed seem to retreat further into the fringe.

Bitcoin market highlights for the 24 hours ending March 12, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $9,980.64 on the Binance exchange at 6:24 am today. Binance saw $425,647,000 of bitcoin change hands.

The lowest price seen was $9,062.97 on GDAX’s exchange at 12:12 pm today. GDAX’s 24 hour volume was $214,508,000.

The average price on the surveyed exchanges, as weighed by volume, was $9,597.89.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 45.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 7 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.