Altcoin Uptick Ends as Bitcoin Prices Pass $1,050

Altcoin Uptick Ends as Bitcoin Prices Pass $1,050

While so-called altcoins enjoyed a notable rally early this week, this run appears to be over. The market for alternative cryptocurrencies, a collection of digital tokens with different blockchain networks and value propositions than the bitcoin protocol, received significant tailwinds earlier this week as bitcoin traders sat on the sidelines waiting to hear the latest news from China. As bitcoin trading volumes fell at many exchanges, many of the top cryptocurrencies listed on CoinMarketCap (ranked by market capitalization) enjoyed notable price gains, forming what could be referred to as a smaller altcoin rally. Today, however, we saw a sharp reversal of this trend. The ether markets provided a perfect example. Ether, the digital currency that powers the smart...

Is Bitcoin Forming a New Price Floor at $1,000?

Is Bitcoin Forming a New Price Floor at $1,000?

Bitcoin appears to be stabilizing at a new price point. The value of tokens on the public blockchain protocol reached a high of $1,039 today, continuing their recent run of stability. At press time, bitcoin has been trading above $1,000 since mid-day on 14th February, according to the CoinDesk Bitcoin Price Index (BPI). Yet, while promising, the digital currency may need to spend more time above this level before it becomes a new support, analysts told CoinDesk. Tim Enneking, chairman of digital asset hedge fund Crypto Asset Management, projected that if the market stays above $1,000 for the next few days, support at this level could be more plausible. Still, he indicated he expects momentum will build around this point. “I’d be astonished if we fell...

Crypto Traders Flock to Altcoins Amid Bitcoin Price Malaise

Crypto Traders Flock to Altcoins Amid Bitcoin Price Malaise

With many crypto traders sitting on the sidelines and awaiting news from China, volumes for bitcoin, the market’s most highly traded asset, have seen a decline. Market participants traded 6,670 bitcoins through Bitfinex, one f the world’s largest exchanges by volume, in the 24 hours through roughly 21:30 UTC today, more than 50% less than the daily average of 17,900 bitcoins over the last week. Likewise, volume has declined at major Chinese exchanges Huobi, OKCoin and BTCC, all exchanges whose policies have been affected by directives from that country’s central bank. Against this backdrop, bitcoin’s price has stabilized, fluctuating between a daily high of $1,011 reached at 01:15 UTC and a session low of $1,001.00 hit at 07:00 UTC,...

The Price of Ether Just Hit a New 2017 High

The Price of Ether Just Hit a New 2017 High

Ether, the digital currency that powers the smart contract-based blockchain platform ethereum, rose to its highest price of the year today. In total, the cryptocurrency surged close to 20% on digital currency exchange Poloniex against both USDT and BTC during today’s session, rising to as much as $13.40 for a gain of 18.7% from the opening price. Ether enjoyed even stronger gains relative to larger cryptocurrency bitcoin, as ETH/BTC reached 0.0135 BTC, a 19.5% increase for the day. Analysis shows the combination of a strong pickup in trading volume combined with a highly leveraged market helped intensify gains. ETH/USD’s 24-hour trading trading volume surpassed $40m on CoinMarketCap during the session, a contrast to a high of $8m the day before....

China's Bitcoin Traders Are Losing Confidence in Exchange Prices

The decision by China’s bitcoin exchanges to freeze withdrawals is impacting the country’s over-the-counter (OTC) markets. As reported by CoinDesk last week, two of China’s ‘Big Three’ bitcoin exchanges abruptly suspended bitcoin withdrawals in response to new pressures from the People’s Bank of China, a move that was followed by similar, though less restrictive, policy updates from exchanges across the country. But while the price was not significantly impacted, traders are reporting that they have had to shift strategies, as they believe exchanges no longer act as a reliable price indicator. In conversation with CoinDesk, representatives from major OTC firms indicated that they are now largely using the US dollar price (as...