Bitcoin’s Small Rally Dies – Rest Of Crypto Market Also Sluggish Save For IOTA

A brief and minor rally in the cryptocurrency market ground to a halt today, as momentum swung back down in the top ten coins. At mid-morning, bitcoin was at the $7,400 level, down slightly but basically in the narrow range of the last week.

Similarly, the rest of the market ground to a halt, with IOTA the outlier, gaining slightly more than five percent. The coin has been in a month-long ascent, fueled by speculation surrounding its release of Qubic, which will permit margin trading. The release of Qubic arrives on Sunday.

Surprisingly, the pending release of the EOS software caused little market movement in that coin or in ether, which will be most affected by a successful EOS.

Bitcoin market highlights for the 24 hours ending June 1, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $8,340.00 on the CoinsBank exchange at 8:07 am today. CoinsBank saw $15,279,600 of bitcoin change hands.

The lowest price seen was $6,797.11 on Simex’s exchange at 11:19 pm yesterday. Simex’s 24 hour volume was $40,643,800.

The average price on the surveyed exchanges, as weighed by volume, was $7,494.45.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 45.6. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 14 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period. 

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