Summertime and the Crypto is Slumping

ICO News, Investing, News | July 11, 2017 By:

A summer slump has hit the cryptocurrency market, as prices continue to melt like ice cream in the sun. Bitcoin was at the $2,350 level for single-coin pricing at mid-day, continuing to trend downward but holding up better than its crypto cousins.

The Block Tribune Volatility Index, which measures movement in the bitcoin market, was down to 46.2, a drop from yesterday’s BTVI of 50.

The ethereum craze that saw its price shoot up to more than $300 per single coin is definitely over. Today saw the single-coin ETH price dip below the $200 mark, as questions continue about its ability to scale. The news hasn’t been good lately for the second-leading cryptocurrency, as a crisis of faith prompted by a sluggish network has left investors wary of plunging ahead. The market continued to try and make sense of recent scaling issues wrought by an abundance of ICOs and exchange volume issues.

Other cryptocurrencies had bad days as well. Ripple slumped close to 15 percent at mid-day, holding at 0.185132. Litecoin was down to $45, while Dash took a major 10 percent dive to $167. Monero was also down ten percent to $37.45.



Bitcoin market highlights for the 24 hours ending July 11, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $2,545.00 on the BTCC exchange at 3:06 pm yesterday. BTCC saw $6,477,020 of bitcoin change hands.

The lowest price seen was $2,181.98 on Bittrex’s exchange at 3:00 am today. Bittrex’s 24 hour volume was $14,052,100.

The average price on the surveyed exchanges, as weighed by volume, was $2,336.39.

Volatility was a bit lower than average, with our index coming in at 46.2. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 11 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.