Ethereum Classic Gets Big Boost, But Rest Of Crypto Market Slumps

Investing, News | August 16, 2018 By:

The cryptocurrency rally yesterday proved to be just a big tease, as prices started slowly deflating today. At mid-morning, bitcoin was down about 1.5 percent at $6,400, with the rest of the markets following suit.

Although today’s market appears to be drifting, it’s not a full-blown rout, and most prices were within one to four percent of yesterday’s totals.

The big outlier was Ethereum Classic, up more than 13 percent on news that its activation on Coinbase was imminent, boosting it over $14 and potentially going for more. Some ethereum purists saw it as vindication of the original vision, and the new version of ether was down slightly to $291.

Ethereum Classic was born in 2016, when hackers exploited a vulnerability in The DAO exchange code and stole one third of its funds. To deal with the issue, the Ethereum community decided to enact what’s known as a hard fork, wherein the blockchain was split off from the original chain by changing some of the protocols.

The original blockchain is now known as Ethereum Classic, and the offshoot as ethereum.

Bitcoin market highlights for the 24 hours ending August 16, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,603.90 on the Simex exchange at 1:01 pm yesterday. Simex saw $59,454,460 of bitcoin change hands.

The lowest price seen was $6,218.80 on Coinsuper’s exchange at 8:13 pm yesterday. Coinsuper’s 24 hour volume was $82,591,901.

The average price on the surveyed exchanges, as weighed by volume, was $6,370.99.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 48.9. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 17 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.