Crypto Markets Show Mixed Results, But Stellar Wins The Day

Investing, News | September 12, 2018 By:

It was a mixed bag for the cryptocurrency market on Wednesday. While bitcoin seems to have found a floor from its recent price retreat, other coins continued struggling. The result was a rare market day where there was no apparent trend.

As of mid-morning, bitcoin sat at the $6,300 level, about where it was yesterday. Volume was moderately low, as traders returned to business after a religious holiday and began assessing the market direction. Also showing a slight gain was Ripple’s XRP.

Continuing a disasterous week was ether, down seven percent and clinging to the $172 mark as of mid-morning. Ether has been in meltdown for the last two weeks and may head even lower. The drops have been attributed to last year’s initial coin offering companies converting their ether hordes into fiat currency, precipitating a rush for the exits in order to stay liquid.

Wednesday’s big winner was Stellar, up more than seven percent on news that its parent company, Lightyear, has acquired blockchain startup Chain. Lightyear is the commercial arm of the Stellar Development Foundation, the nonprofit behind the Stellar payments network and cryptocurrency stellar lumens.

Chain builds proprietary blockchains for clients that include Citigroup, Nasdaq and Visa. The new company will be called Interstellar and will work toward building blockchains with the Stellar system.

Bitcoin market highlights for the 24 hours ending September 12, 2018 at 3:23 pm US Eastern Time

The highest price seen was $6,488.14 on the CoinsBank exchange at 11:49 pm yesterday. CoinsBank saw $14,281,310 of bitcoin change hands.

The lowest price seen was $6,052.38 on Cryptonex’s exchange at 4:55 am today. Cryptonex’s 24 hour volume was $17,642,342.

The average price on the surveyed exchanges, as weighed by volume, was $6,281.06.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 42.4. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 24 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.