The Bulls of Bitcoin Are Making a Run

Investing, News | August 7, 2017 By:

Happy days are here again, or so it would appear for the bitcoin market. Legacy bitcoin (BTC) hit an all-time high today, topping the $3,400 per single coin mark earlier today before giving back some of the gains to sit at $3,331 at mid-day.

Meanwhile, upstart Bitcoin Cash made a nice recovery from a week-ending slump, rising to $318 at mid-day, a strong sign of renewed faith in its early stages.

Now the main question is, how far is up?  Predictions on all sorts of outlandish valuations for bitcoin have been floated by some pretty smart people, and deep-pocketed investors (well, some of them) have shown no qualms about diving into the market in a deep-pocketed way. With the stock market booming as well, there seems to be a wealth effect going on with the capital markets. Whether that means further joy or ends in tears is a matter for the financial Gods to sort in the coming months.

The Block Tribune Volatility Index, which measures pricing swings in legacy bitcoin, sat at BTVI 54.0, indicating slightly above-average volatility after a wild weekend.

Elsewhere in the cryptocurrency markets, ethereum’s ether continues a nice upswing, sitting at $266 at mid-day. Litecoin was up slightly at $45.73, while Dash ($196) and Monero ($48.86) were showing continued gains from last week. Ripple XRP was at 0.179476, slightly down.



Bitcoin market highlights for the 24 hours ending August 7, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $3,447.89 on the Kraken exchange at 9:30 am today. Kraken saw $20,653,800 of bitcoin change hands.

The lowest price seen was $3,180.16 on Gemini’s exchange at 9:30 pm yesterday. Gemini’s 24 hour volume was $28,572,700.

The average price on the surveyed exchanges, as weighed by volume, was $3,290.88.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 54.0. 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.