Bitcoin’s Christmas Meltdown Pulls Rest of the Crypto Market Into Red Arrows

Investing, News | December 22, 2017 By:

‘Tis the season to be jolly – unless you have a substantial holding in bitcoin and other cryptocurrencies. In that case, you’re watching as your stake melts like a snowball in the sun.

From a high of $20,000, bitcoin now is at the $13,000 per single coin level, and the only question is where the floor will appear. After a spectacular and rapid run-up in price, investors are taking massive amounts of profit, turning the terminals into a sea of mostly red arrows.

Bitcoin wasn’t the only cryptocurrency to suffer. Ether, Bitcoin Cash, Litecoin, Monero and Dash were all down close to or more than 20 percent. Even Ripple XRP, which had its own huge pump recently, pushing it over the $1 mark for the first time, is in retreat. Ripple XRP is now down more than seven percent in the last 24 hours, but still hanging over the $1 mark.

Bitcoin market highlights for the 24 hours ending December 22, 2017 at 1:00 pm U.S. Eastern Time

The highest price seen was $15,997.00 on the GDAX exchange at 5:30 pm yesterday. GDAX saw $1,212,690,000 of bitcoin change hands.

The lowest price seen was $11,014.80 on Huobi’s exchange at 9:30 am today. Huobi’s 24 hour volume was $257,492,000.

The average price on the surveyed exchanges, as weighed by volume, was $13,816.41.

Volatility was unusually high, with the BlockTribune Volatility Index coming in at 72.9. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 11 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.