Legacy Bitcoin Slumps Below $7,000 Level – But Bitcoin Cash Skyrockets
Legacy bitcoin (BTC) continued to drastically slump today. As of this morning, single-coin prices shot below the magic $7,000 mark, and may go lower as panic-selling ensues.
While BTC was heading south, Bitcoin Cash was booming. The BCC prices hit $869 in early trading, an incredible 37 percent leap in single-coin pricing.
What’s driving the market? The recent decision to back off on a changeover to Segwit2x undoubtedly roiled the market. There is likely some profit-taking and end-of-year manipulations going on as well, as stocks tend to do annually in this time frame.
It’s worth noting that a price in the $6,000 range for BTC would have drawn loud cheers just a few short weeks ago.
Bitcoin market highlights for the 24 hours ending November 10, 2017 at 1:00 pm U.S. Eastern Time
The highest price seen was $7,324.00 on the Bitstamp exchange at 12:06 am today. Bitstamp saw $124,094,000 of bitcoin change hands.
The lowest price seen was $6,678.80 on Bitfinex’s exchange at 12:30 pm today. Bitfinex’s 24 hour volume was $456,146,000.
The average price on the surveyed exchanges, as weighed by volume, was $7,092.45.
Volatility was greater than average, with the BlockTribune Volatility Index coming in at 65.3. A higher number indicates greater price volatility with 50 describing an average day.
These statistics were consolidated from 3 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.
