Bitcoin Price Fights for $Ten, 000 spil Volatility Triggers Record Trading Binge
The bitcoin price has bot on a mid-week rollercoaster, and that volatility has rippled across the markets. Trading volume has surged to record levels and coins across the spectrum have taken steep dives from their all-time highs – albeit most weekly charts remain ter positive territory.
At one point, combined daily volume reached $25 billion – a fresh all-time high – and 24-hour volume remained above the $20 billion mark via a day of manic trading.
Within the past 24 hours alone, the total cryptocurrency market cap has fluctuated inbetween a high of $345.8 billion and a low of $289 billion. That’s a spread of almost $57 billion – and it occurred within a seven-hour period. To provide some setting, the crypto market cap did not even reach a total valuation of $57 billion until May 16.
At the time of writing, the crypto market cap wasgoed valued at $298.6 billion, indicating a single-day decline of almost $35 billion.
Bitcoin Price Fights for $Ten,000
Led by insatiable request by Asian traders, the bitcoin price crossed the historic $Ten,000 milestone for the very first time on Monday. Since then, the bitcoin markets have bot characterized by unprecedented volatility. This volatility wasgoed heightened by persistent outages on bitcoin exchanges located across the world. Within a five-hour period, the global average bitcoin price traded spil high spil $11,517 and spil low spil $9,601, and it has spent Thursday morning fighting to hold above the $Ten,000 mark.
Bitcoin Price Chart | Source: CoinMarketCap
At the time of writing, bitcoin wasgoed losing that battle. Bitcoin is presently trading at a global average of $9,974, which translates into a $166.7 billion market cap. This represents a 24-hour decline of Ten procent, but – importantly – a seven-day increase of 22 procent.
Ethereum Price Attains $500 Before Crash
Spil bitcoin goes, so go the markets: this principle has certainly bot true this week. Numerous cryptocurrencies have ridden on bitcoin’s coattails to attain fresh all-time highs, and most of those coins have seen significant setbacks since the markets began to retrace.
One such cryptocurrency wasgoed ethereum. On Wednesday, the ethereum price broke through $500 for the very first time, ultimately rising spil high spil $522 before the markets began to slide. At present, the ethereum price is trading at $434, providing the 2nd largest cryptocurrency with a $41.7 billion market cap.
Ethereum Price Chart | Source: CoinMarketCap
Altcoins Postbode Double-Digit Declines
The altcoins markets tell a similar story. Nine of the Ten largest cryptocurrencies posted single-day declines ter excess of Ten procent, however, nine of the top Ten coins have also made positive movement for the week.
Te this latter case, the lone outlier is bitcoin specie. At $1,374, the bitcoin metselspecie price is down almost 14 procent for the day and Ten procent for the week.
Seven-Day Bitcoin Metselspecie Price Chart | Source: CoinMarketCap
Ripple, perhaps bolstered by the announcement that TechCrunch founder Michael Arrington is launching a $100 million XRP-denominated crypto hedge fund, managed to eek out a petite build up for the week despite yesterday’s dip.
Dash, meantime, wasgoed the lone top Ten cryptocurrency to fight back the market’s downward pressure and postbode a 24-hour advance. The dash price is presently valued at $775, signifying a 24-hour build up of five procent and a seven-day surge of 37 procent.
Bitcoin gold – fresh off the revelation that its official wallet repository wasgoed hacked last week – fell by 14 procent, while litecoin plunged 17 procent after reaching the historic $100 mark. IOTA, monero, and cardano posted similarly-disappointing single-day spectacles, albeit each proceeds to boast an amazing weekly chart.