Profit-Taking Pulls Bitcoin Back Below $6,000

Investing, News | October 23, 2017 By:

The air was too thin at the $6,000 per single-coin level for bitcoin investors, so today marked a slight retreat from the weekend’s lofty levels of $6,100-plus.

Legacy bitcoin checked in at around $5850 at mid-day today, retracing the heady climb over $6,000 that marked the end of the week. As usual with bitcoin, each market pause usually indicates some profit-taking following a steep run-up, and the next momentum change will likely go green arrow very soon.

The rest of the cryptocurrency market followed bitcoin’s slump. Ethereum was down to $283 following a few brief days above the $300 mark, continuing the narrow-range trading that it has been locked in for several months.

Dropping more than five percent were Ripple XRP ($0.191619), Bitcoin Cash ($315), Litecoin ($54). Monero was down to $84, a two-percent drop. The outlier was Dash, which was up two percent to $281 after falling down over the last week.

The Block Tribune Volatility Index, which measures price swings in legacy bitcoin, was still higher than normal, sitting at BTVI 54.3 for the last day.

TODAY’S 24-Hour Bitcoin Prices

Bitcoin market highlights for the 24 hours ending October 23, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $6,091.30000000 on the BitMEX exchange at 1:18 am today. BitMEX saw $1,131,110,000 of bitcoin change hands.

The lowest price seen was $5,649.00000000 on Bitfinex’s exchange at 10:54 am today. Bitfinex’s 24 hour volume was $343,475,000.

The average price on the surveyed exchanges, as weighed by volume, was $5,880.65.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 54.3. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 5 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.