Cryptocurrency Market Holds Steady, But Few Gains

Investing, News | September 20, 2017 By:

We’ve apparently entered one of those market lulls in cryptocurrency, as prices remained basically unchanged on Wednesday for all but a few favored cryptocurrencies.

Legacy bitcoin (BTC) was just under the $4,000 mark, standing at $3,997 at mid-day, up under one percent in single-coin pricing. Ethereum’s ether checked in at $289, up a few dollars from Tuesday. Dash had a healthy gain of more than five percent, up to $340. Monero just nipped over the $97 mark, up a few percentage points.

Other cryptos were stalled or suffered. Litecoin appears back in a holding pattern, down less than one percent to $53 after some heady weeks above the $70 mark. Ripple XRP was stalled, sitting at $0.185001, down less than one percent. Bitcoin Cash (BCC) was at $492, down slightly more than two percent.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 45.7, indicating a below-average day.

Uncertainty is still in the air, and the cryptocurrency market certainly reflected that today. Legacy bitcoin (BTC) slid back below the magic $4,000 level at mid-day, sitting at $3,981 for its single-coin price. The drop was just percentage points below yesterday, but still reflected the unease of investors, who still await final word on China’s upheavals.

The rest of the market was mixed. Ethereum’s ether was at $285, also down percentage points; Litecoin was at $53, Dash at $322, and Monero at $96, all down less than two percent. On the plus side of the ledger, Bitcoin Cash was at $501, a gain of more than eight percent, while Ripple XRP was at $0.186022, up a few percentage points.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the market’s torpor. It stood at BTVI 44.5 for the 24-hour period, indicating a well below-average day.

While the news that prompted last week’s cryptocurrency meltdown hasn’t changed – China appears to be shutting down its domestic exchanges – some financial backers have urged investors not to panic at the moment’s news, but to think long-term value.

What happens next?  There have been rumors that the Chinese will still allow institutional trading and/or grandfather-in existing coin-holders, and/or allow bitcoin mining to continue. There are also whispers that it is banning all cryptocurrency trading, foreign and domestic. Until that news is formally unveiled, investors will continue to tip-toe through the market.


Bitcoin market highlights for the 24 hours ending September 20, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,290.80 on the LakeBTC exchange at 1:06 pm today. LakeBTC saw $13,105,500 of bitcoin change hands.

The lowest price seen was $3,823.13 on Bitstamp’s exchange at 12:30 am today. Bitstamp’s 24 hour volume was $49,849,600.

The average price on the surveyed exchanges, as weighed by volume, was $3,934.73.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 44.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 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.