UPDATE: As of 2 PM PT/5 PM ET, the cryptocurrency market has begun to climb out of the ditch. Bitcoin is up to $11,375 per single coin, and most of the big board has turned green arrows, with ETH up five percent and Ripple up 20 percent.
It’s a recovery day, as the cryptocurrency markets stabilized after a steep plunge to start the week. Bitcoin was essentially sideways, moving little off its $15,000 base, while most other coins had little action.
The outlier was ethereum. In what some are calling “ether madness,”
Bitcoin prices continued to creep up, but the real story was the explosive growth in other digital currencies.
While bitcoin rose slightly, topping out at the $16,000 per single coin level on at least one exchange, ether and Ripple XRP continued to explode.
The bitcoin market cooled a bit this morning, but the retreat is nothing major by the volatile standards set by the legacy cryptocurrency. After rising as high as $18,750 per single coin yesterday, bitcoin has retraced to the high $16,000 level.
While bitcoin experienced some profit-taking,
A resurgent bitcoin briefly went up to $6,300 in single-coin pricing today, hitting an all-time high before falling back to earth at just over $6,000.
Bitcoin Cash was the weekend’s big winner, soaring to over $520 per single coin before falling back to earth today at a still-high $444 at mid-day.
Legacy bitcoin (BTC) briefly returned to glory today, nudging over the magic $6,000 single-coin price line before falling back to the $5,700 level. The see-saw of the last several days indicates the uncertainty in the market caused by the pending SegWit2x wars and the arrival of Bitcoin Gold on the scene.
Bitcoin got back off the deck today, rising from its $5,500 bottom yesterday to touch the $5,900 mark before falling back slightly.
The recovery was welcome relief to investors, who no doubt spooked by the Bitcoin Gold fork, which created a new blockchain incompatible with the existing version of bitcoin.
Bitcoin continued sinking today, as the legacy cryptocurrency slipped down to the $5,500 per single coin level at mid-day.
Investors were no doubt spooked by the Bitcoin Gold fork, which created a new blockchain incompatible with the existing version of bitcoin. The fork occurred after block 491.406 was mined on Oct.
Bitcoin continued shrinking today, as the legacy cryptocurrency slipped down to the $5,600 per single coin level at mid-day. But surprisingly, the rest of the crypto market defied the usual trend, heading in the opposite direction and gaining strongly even as its flagship took on water.
The air was too thin at the $6,000 per single-coin level for bitcoin investors, so today marked a slight retreat from the weekend’s lofty levels of $6,100-plus.
Legacy bitcoin checked in at around $5850 at mid-day today, retracing the heady climb over $6,000 that marked the end of the week.