Bitcoin Holds Steady, But Winter Has Come For The Cryptocurrency Market

Investing, News | August 21, 2018 By:

Bitcoin held steady, but the rest of the top ten coins continued to retreat today, as investors clearly indicated that the great altcoin initial coin offering winter has come.

As a sign of the desperate times that have crept up, at least one firm is offering to increase the baseline price of ether for its early ICO investors, a sign that further price erosion is expected to choke the market. Others may soon follow, hoping to stoke the gambling fires in investors who have watched their coins plummet in value this year.

At mid-morning, bitcoin sat at the $6,400 mark, essentially unchanged since yesterday. Volume was also low, indicating the wait-and-see stance that has gripped the last two days.

The news wasn’t so good elsewhere in the top ten coins. Ethereum was at $275, a plunge of more than five percent since yesterday and marking a further deterioration since briefly topping $300. Ether wasn’t an outlier though, as Bitcoin Cash (down more than four percent), EOS (down almost seven percent), and Cardano and Monero (down more than five percent) also saw big drops.

Bitcoin market highlights for the 24 hours ending August 21, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,588.17 on the Cryptonex exchange at 4:37 pm yesterday. Cryptonex saw $17,656,483 of bitcoin change hands.

The lowest price seen was $6,085.68 on Cryptonex’s exchange at 8:04 pm yesterday. Cryptonex’s 24 hour volume was $17,656,483.

The average price on the surveyed exchanges, as weighed by volume, was $6,400.69.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 47.0. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 16 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.