Bitcoin and Other Top Ten Cryptocurrencies Take The Down Elevator

Investing, News | July 12, 2018 By:

The temporary respite in plunging cryptocurrency prices proved to be just that – temporary. At mid-morning, all of the top ten coins were in red arrows.

Bitcoin was at the $6,200 mark, down 3.5 percent over the last 24 hours. The rest of the top ten coins followed, with losses of between one and close to four percent across the board.

Is this another round of profit-taking?  Or has recent news from China and India spooked the market?  This year, the cryptocurrency markets have yet to see any sustained upward momentum, with each rally quickly retreating back to lower levels.

Maybe that’s the new normal, as some pundits are saying. Still, there are true believers like Thomas Lee of Fundstrat, who keeps insisting bitcoin will be back over the $20,000 mark by years’ end.  Clearly, someone is right in this argument. But right now, the market leans toward the nay-sayers.

Bitcoin market highlights for the 24 hours ending July 12, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,675.88 on the DigiFinex exchange at 1:31 pm yesterday. DigiFinex saw $33,500,300 of bitcoin change hands.

The lowest price seen was $6,108.74 on CoinsBank’s exchange at 3:49 am today. CoinsBank’s 24 hour volume was $13,252,500.

The average price on the surveyed exchanges, as weighed by volume, was $6,302.85.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 53.1. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 18 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.