Legacy Bitcoin Holds as Bitcoin Cash Soars in Tuesday Trading

Investing, News | October 17, 2017 By:

Momentum has changed on legacy bitcoin’s drive toward $6,000, as prices held at the $5,600 per single coin level for the second consecutive day.

The surge on legacy bitcoin (BTC) began last week, boosting prices from a temporary valley of $4,800 up to today’s mark, one of the quickest moves upward in the last six months. Today’s price at mid-day was down percentage points from Monday.

Bitcoin Cash was a big winner on the day, soaring more than 16 percent on hopes that the coming hard fork may enhance its value. BCC was up to $366 and could head much higher if a full-scale blockchain upgrade wars renews.

The $5,000 level is a significant milestone for bitcoin, as the valuation seems to indicate that those analysts predicting a price by year’s end of anywhere from $6,000 to $10,000 per single coin may not be irrational. The surge also came in the face of a run of bad news, as Russia appears ready to create its own cryptocurrency and crack down on the existing structures, joining China and potentially South Korea. This amid rumblings over another bitcoin SegWit2x controversy on the horizon.

Yet bitcoin prices march on. almost in defiance of such sovereign resistance and institutional aversion, moves which are clearly dividing the digital currency world into two camps: the old-school fiat backers, and the new jack digitals.

Ethereum’s ether was down slight to the $323, down more than three percent. Investors are no-doubt wary of the Byzantium update going on to the core blockchain, as bugs have already been detected in the new structure. Litecoin saw some profit-taking, down more than five percent to $60.

Taking a red arrow elevator down was Ripple XRP ($0.243132), down more than six percent; Dash ($301), down perentage points, and Monero ($92), down more than two percent.

The Block Tribune Volatility Index, which measures price swings in legacy bitcoin, settled down to just a tick over its average, sitting at BTVI 50.2 after a few days in the 60s.

TODAY’S 24-Hour Bitcoin Prices

Bitcoin market highlights for the 24 hours ending October 17, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $5,830.40000000 on the BitMEX exchange at 7:36 pm yesterday. BitMEX saw $756,476,000 of bitcoin change hands.

The lowest price seen was $5,524.80000000 on Bitfinex’s exchange at 7:48 am today. Bitfinex’s 24 hour volume was $192,230,000.

The average price on the surveyed exchanges, as weighed by volume, was $5,654.87.

Volatility was nearly average, with the BlockTribune Volatility Index coming in at 50.2. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 4 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.