Cryptocurrency Market Continues Comfortably Numb With Bitcoin Holding at $4,300

Investing, News | October 6, 2017 By:

October is historically a scary month. Yes, there’s Halloween, but it’s also the period when the US Great Depression began with a resounding stock crash. Those antecedents may explain the recent caution in the cryptocurrency market, which has stalled in a comfortable rut for the last week.

The legacy bitcoin (BTC) market was anchored at $4,300 for a single coin at mid-day, about where it was yesterday and within a narrow range this week. When the market grandfather stalls, the rest of the crypto market does likewise, and this week was no different.

The good news on the day was ethereum’s ether finally crawling back over the $300 mark, always a key level for the market’s second-largest-by-volume coin. ETH was at $302 at mid-day.

Elsewhere, Ripple XRP settled down after gaining more than 10 percent at mid-day yesterday. Today’s $0.238876 price was up slightly more than one percent. Bitcoin Cash rallied to $368, up more than three percent, while Litecoin ($53), Dash ($306) and Monero ($91) all had less than two percent bumps.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the torpor. It was down to BTVI 44.2 indicating a below-average day over the last 24 hours.


Bitcoin market highlights for the 24 hours ending October 6, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,540.15000000 on the LakeBTC exchange at 6:06 am today. LakeBTC saw $9,724,160 of bitcoin change hands.

The lowest price seen was $4,210.00000000 on CoinsBank’s exchange at 6:48 pm yesterday. CoinsBank’s 24 hour volume was $9,768,240.

The average price on the surveyed exchanges, as weighed by volume, was $4,364.69.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 44.2. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 12 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.