Bitcoin Recovers, Ripple XRP Roars in Tuesday Trading

Investing, News | August 22, 2017 By:

Legacy bitcoin (BTC) briefly dipped below the magic $4,000 level today, but by mid-day it rallied back to the $4,100 per single-coin level, indicating that the momentary panic may have just been some excessive profit-taking.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the up-and-down market action over the last 24 hours.  The BTVI sat at 60.7 today, indicating well above-average volatility.

Bitcoin Cash (BCC) mirrored the extremes of its predecessor. After a dizzying ride up to more than $900 over the weekend, BCC has settled down to the $600 range, sitting at $656 per single coin at mid-day, up more than seven percent over Monday’s $621.

Monero continued its breakout today, up to $88 from yesterday’s $75 range at mid-day. South Korean exchange Bithumb will soon start providing Monero buying/selling capabilities, which may have spurred the market, much as it did for Bitcoin Cash.

Ethereum took a breather today, down to the $314 level at mid-day after yesterday’s $329 mark. The ETH market will likely swing in this range for the next month, barring any unexpected action, as the market awaits the Metropolis fork at the end of September.

Elsewhere on the crypto charts, Ripple XRP was igniting, up to $0.227052 at mid-day, a huge gain of close to 35 percent. Heavy interest on several Korean exchanges is pushing the price up, although it still lags behind its all-time high of 33 cents, set in May.

Litecoin continued its ho-hum summer, sitting at $46 at mid-day, while Dash was up two percent to $287.



Bitcoin market highlights for the 24 hours ending August 22, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,165.30 on the BitMEX exchange at 2:48 pm today. BitMEX saw $347,379,000 of bitcoin change hands.

The lowest price seen was $3,591.50 on BitMEX’s exchange at 1:06 am today. BitMEX’s 24 hour volume was $347,379,000.

The average price on the surveyed exchanges, as weighed by volume, was $3,901.61.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 60.7. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 8 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.