Bitcoin Retreats as ETH Surges

Investing, News | June 12, 2017 By:

A price retreat in bitcoin was the news of the day, as mid-day statistics show a sharp drop in the single-coin price from yesterday’s highs.

At mid-day, bitcoin was down about 12 percent to around $2,588, a steep drop from the weekend’s $2,900 high level and the 24-hour weighted average in the $2,800s. Bitcoin was over $3,100 on some exchanges over the last 24 hours before the retreat.

In contrast, ethereum’s ETH token was exploding in value, sitting at around $353 after a sharp run-up over the weekend.  That was the only good news, as Ripple, Dash, Monero and Litecoin were all down more than 10 percent at mid-day.

 

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TODAY’S 24-HOUR BITCOIN STATISTICS

Start time = ‘2017-06-11 15:00:02’
End time = ‘2017-06-12 15:00:02′

highest_price=’3182.93′
highest_price_at=’2017-06-11 19:54:00′
highest_price_exchange=’OkCoin Intl.’
highest_price_exchange_volume=‘13983200’
highest_volume_exchange=’BitMEX’
highest_volume_exchange_volume=’215406000′

lowest_price=’2305.52′
lowest_price_at=’2017-06-12 13:42:00
lowest_price_exchange=’Bitfinex’
lowest_price_exchange_volume=’102642000′
lowest_volume_exchange=’OkCoin Intl.’
lowest_volume_exchange_volume=‘13983200’

weighted_average_price=’2818.83′
today’s price standard deviation = ‘132.18’
today’s standard deviation z-score = ‘2.63’
today’s volatility index = ‘71.9’

The above information was culled and consolidated from 1o different exchanges. It includes exchanges where USD/BTC is traded and only those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.

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Despite the price retreat, bitcoin was still reveling in its recent sprint. Buoyed by the arrival of the long-awaited decision to make changes to expands its blocks, the bitcoin markets have doubled in price since it first topped $1300 in March. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since, albeit with scattered and temporary retreats.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, Korea’s startup frenzy, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the long-term rally.