Crypto Market Shows Renewed Confidence, Surges Upward

Investing, News | August 8, 2017 By:

Legacy bitcoin (BTC) held steady, Bitcoin Cash came on strong, and other cryptocurrencies are surging on a green arrow Tuesday.  The price rise indicates that investors apparently believe the storm clouds caused by hacks and the bitcoin fork are in the rear-view mirror.

At mid-day, legacy bitcoin held at the $3,400 mark for a single coin, up slightly from Monday in the same time-frame. Meanwhile, upstart Bitcoin Cash held onto its weekend gains, sitting at $337 per single coin.

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 46.0, indicating below-average volatility after a wild weekend.

Elsewhere in the cryptocurrency markets, ethereum’s ether continues to rocket upward, sitting at $288 at mid-day. Ether continues to recover after dipping as low as the $180 level last month in the wake of several hacks.

Litecoin was up slightly at $46, while Dash ($198) and Monero ($51) were continuing to climb incrementally from last week. Ripple XRP was at 0.186451, up nearly four percent over the last 24 hours.



Bitcoin market highlights for the 24 hours ending August 8, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $3,498.50 on the BTCC exchange at 5:30 am today. BTCC saw $11,357,200 of bitcoin change hands.

The lowest price seen was $3,327.00 on Bitstamp’s exchange at 3:06 pm yesterday. Bitstamp’s 24 hour volume was $52,855,200.

The average price on the surveyed exchanges, as weighed by volume, was $3,408.21.

Volatility was a bit lower than average, with the Block Tribune Volatility Index coming in at 46.9. 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.