Traders Don Rally Caps on Green Arrow Day

ICO News, Investing, News | July 12, 2017 By:

It was the day after baseball’s annual all-star game, and traders definitely put on their rally caps. A mid-week surge galvanized the cryptocurrency market on Wednesday, as prices rebounded from the recent slump and all arrows turned green.

Bitcoin was back above the $2,400 single-coin price at mid-day, rising from its $2,350 mark on Tuesday, a day that saw it slump as low as $2,200 on some exchanges. Bitcoin had been trading in a narrow range for the last ten days, so it is likely returning to that comfort zone.

The Block Tribune Volatility Index, which measures movement in the bitcoin market, was up to 47.7, just below the BTVI average of of 50.

Ethereum also had an upmarket day. After hitting a low of $191 per single coin on Tuesday, it has rebounded nicely back above the $200 mark, hitting $222 with room to run. 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 continues to try and make sense of recent scaling issues wrought by an abundance of ICOs and exchange volume issues although today was decidedly bullish.

Other cryptocurrencies saw spikes. Ripple hit $0.937042 at mid-day, a healthy boost following yesterday’s 15 percent hit. Litecoin is also back in the game, rising $3 to the $48 level, while Dash ($177) and Monero ($39) also rebounded nicely.



Bitcoin market highlights for the 24 hours ending July 12, 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 $2,197.00 on CoinsBank’s exchange at 10:00 pm yesterday. CoinsBank’s 24 hour volume was $4,403,800.

The average price on the surveyed exchanges, as weighed by volume, was $2,316.29.

Volatility was a bit lower than average, with our index coming in at 47.7. 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.