Bitcoin Still Gaining, But Cryptocurrency Market Momentum Slows Slightly

Investing, News | July 3, 2018 By:

The good news is that the cryptocurrency markets continued to rise today. The bad news is that momentum has appreciably slowed heading into the US holiday.

Bitcoin sat at the $6,500 level at mid-morning, up percentage points over the last 24 hours but a healthy boost from its floor last week. The big question is how far it can continue, and whether profit-taking will quickly wipe out the gains as has been the pattern over the last few months.

Ether was also up slightly, while Bitcoin Cash was essentially flat on the day. Ripple’s XRP was up a robust four percent, while EOS and Litecoin gained just over two percent, mimicking the pattern of the rest of the top ten coins.

The US market will be on vacation for the rest of the week, so it will be interesting to watch if day traders manage to manipulate the price a bit in the next few days.

Bitcoin market highlights for the 24 hours ending July 3, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,941.93 on the DigiFinex exchange at 11:49 pm yesterday.  DigiFinex saw $30,602,900 of bitcoin change hands.

The lowest price seen was $4,755.26 on Simex’s exchange at 8:08 pm yesterday.  Simex’s 24 hour volume was $40,567,000.

The average price on the surveyed exchanges, as weighed by volume, was $6,589.71.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 48.6.  A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 20 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.