Bitcoin Cools Slightly As Crypto Market Takes A Breath From Price Sprints

Investing, News | October 16, 2017 By:

Bitcoin inched up as high as $5,700 today, as the major rally that fueled an enormous rise in the last few days cooled a bit. At mid-day, bitcoin was at the $5,600 level for its single-coin price, a gain of more than three percent on the day.

The price surge on legacy bitcoin (BTC) began several days ago, 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.

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 also slowed a bit today, down slight to the $334 mark after ending last week in the $344 range. 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 continued its recent growth, now up to $64 per individual coin. Also up slightly on the day were Monero ($94), Bitcoin Cash ($314) and Dash ($302), although all were down slightly from their closing prices on Friday. Ripple XRP stood at $0.257921 at mid-day, down almost three percent.

The Block Tribune Volatility Index, which measures price swings in bitcoin, was again unusually high at BTVI 51.1, another day of higher flux compared to the past few weeks, but down significantly from the wild swings at the end of the last business week.

TODAY’S 24-Hour Bitcoin Prices

Bitcoin market highlights for the 24 hours ending October 16, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $5,799.90000000 on the BTCC exchange at 9:48 pm yesterday. BTCC saw $32,117,700 of bitcoin change hands.

The lowest price seen was $5,425.00000000 on BTCC’s exchange at 4:00 pm yesterday. BTCC’s 24 hour volume was $32,117,700.

The average price on the surveyed exchanges, as weighed by volume, was $5,651.11.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 51.1. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 9 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.