Bitcoin’s Brief Sucker’s Rally Is Over – Crypto Markets Sound The Retreat

Investing, News | March 14, 2018 By:

The brief sucker’s rally yesterday in the digital currency markets was – well, for suckers. Today, the crypto markets continued to retreat, as bitcoin plunged down to the $8,500 level and such stalwarts as ether, Litecoin and Bitcoin Cash continued to head south.

The price retreat started last night in the international markets, catching up to the US by mid-morning.

Now the question becomes: where’s the floor?  Some bearish analysts have said bitcoin could drop as low as the $3,000 level, while others insist the bottom is in the $5,000 range. Hang on to your seats, as a bumpy ride is anticipated before the picture becomes clear.

Bitcoin market highlights for the 24 hours ending March 14, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $9,514.68 on the HitBTC exchange at 8:54 pm yesterday. HitBTC saw $50,539,600 of bitcoin change hands.

The lowest price seen was $8,414.00 on Kraken’s exchange at 12:54 pm today. Kraken’s 24 hour volume was $91,181,000.

The average price on the surveyed exchanges, as weighed by volume, was $9,050.97.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 49.4. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 9 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.