Bitcoin Stalls, Falls Back Slightly After Failing To Breach $5,000 Mark

Investing, News | October 11, 2017 By:

To borrow a phrase from baseball, bitcoin’s long fly ball was caught on the warning track. A day after the legacy cryptocurrency threatened to breach the $5,000 single-coin mark, it pulled back to the $4,800 pricing level at mid-day.

Was it cold feet by investors?  Or could remarks by Russia’s President Vladimir Putin have dampened enthusiasm in a market already roiled by restrictions imposed by China and South Korea?  Bad news travels fast, and even when some prominent investors are touting sky-high valuations for bitcoin, nothing beats a country’s government threatening to make trading in cryptocurrency illegal.

The legacy bitcoin (BTC) price stall had an echo throughout the cryptocurrency market. Ethereum stayed at the $302 mark, while Litecoin failed to budge off the $50 level. Bitcoin Cash (BCC) was down about one percent to $313 per single coin.

Sporting green arrows were Ripple XRP ($0.263185), which has been on a public relations offensive; Dash, up three percent to $299; and Monero, which gained percentage points to $87.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the torpor. It was down to BTVI 46.0, indicating a below-average day over the last 24 hours. That continues the low volatility that has marked bitcoin for well over the last two weeks.


Bitcoin market highlights for the 24 hours ending October 11, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,913.77000000 on the Bittrex exchange at 4:24 pm yesterday. Bittrex saw $21,962,900 of bitcoin change hands.

The lowest price seen was $4,700.00000000 on BTCC’s exchange at 11:12 pm yesterday. BTCC’s 24 hour volume was $23,309,600.

The average price on the surveyed exchanges, as weighed by volume, was $4,797.00.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 46.0. 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.