Bitcoin’s Best Day In Months Galvanizes The Cryptocurrency Markets

Investing, News | July 18, 2018 By:

Boom! Bitcoin led cryptocurrency’s best day in months over the last 24 hours, rising more than $600 and briefly touching the $7,700 mark on at least one exchange.

The rest of the market also was full of good news. Cardano and Stellar had massive gains, thanks to the announcement that Coinbase, the largest US exchange, is considering them for its mix. Stellar also won approval as Sharia-compliant for trading, adding to its potential audience.

Overall, trading volume has doubled over the last week, as a healthy surge of business has bolstered the long-slumbering crypto markets.

What’s causing the excitement? It’s worth noting that pundits have been appearing and touting a massive rise by the end of the year, no doubt stoking investor hopes. The bitcoin breakout may also have been part of a short squeeze, in which investors who have bet against bitcoin’s price buy the coin to cover their positions.

Still, the buoyant atmosphere created by strong gains across the crypto markets was welcome news after months of doldrums and losses, with laggers like Litecoin and EOS galvanized by the overall action.

Bitcoin market highlights for the 24 hours ending July 18, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,732.62 on the DigiFinex exchange at 2:25 pm yesterday. DigiFinex saw $82,013,600 of bitcoin change hands.

The lowest price seen was $6,751.42 on Gemini’s exchange at 1:01 pm yesterday. Gemini’s 24 hour volume was $46,104,300.

The average price on the surveyed exchanges, as weighed by volume, was $7,384.74.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 55.9. 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.