Legacy bitcoin (BTC) rebounded strongly today, rising to the $5,600 level for single-coin pricing at mid-day. It was close to a five percent gain and renewed momentum toward the $6,000 level.
As per usual, the rest of the market responded in kind to bitcoin momentum.
The cryptocurrency market moved sharply downward today, as legacy bitcoin continued its retreat at mid-day from last week’s near $6,000 back to the $5,400 level, a plunge of more than three percent. That’s also down from the $5,600 level of Monday, but still above the $4,800 floor of the current rally.
Bitcoin inched up as high as $5,700 today, as the major rally that fueled an enormous rise in the last few days cooled a bit. At mid-day, bitcoin was at the $5,600 level for its single-coin price, a gain of more than three percent on the day.
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 $4,000 single-coin price for legacy bitcoin (BTC) is again within sight, but prices stalled just short of that mark at mid-day on Tuesday.
After a good run-up to start the week, the market took a breath today, with gains and losses of two percent or less in the top ten cryptocurrencies.
