Bitcoin Has Wild Ride Before Stability Sets In – Some Signs of Life in Market

Investing, News | February 6, 2018 By:

Bitcoin had a rollercoaster 24 hours, dipping below the $6,000 mark on at least one exchange before heading back up to its mid-morning price just above $7,000 per single coin.

Some faint signs of life in the markets happened this morning, as most coins appeared to stabilize after a 24-hour period where many lost 20 percent to 30 percent or more of value. Some coins even showed a slight uptick in price, but it remains to be seen if this is the start of a rally or just a flicker.

Choose your bad news reason for the plunge – increased drumbeats for regulation by government; and investigation into Bitfinex and Tether for price fixing; Facebook cancelling cryptocurreny advertising; or simply a cool-down as the market digests the wave of ICOs and tokens that have emerged.

Bitcoin market highlights for the 24 hours ending February 6, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $7,461.57 on the Poloniex exchange at 11:06 am today. Poloniex saw $169,093,000 of bitcoin change hands.

The lowest price seen was $5,899.90 on Kraken’s exchange at 3:00 am today. Kraken’s 24 hour volume was $214,926,000.

The average price on the surveyed exchanges, as weighed by volume, was $6,722.54.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 53.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 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.