Last weeks have revealed big oscilations in cryptocurrency values, with Bitcoin going from $7,768.93 to $7,496.73. What does it mean for you and me? Let’s check now.
Digital currencies couldn’t hold on to gains created more than the weekend, with all main cryptocurrencies trading in adverse territory Monday.
After hitting a 10-day higher of $7,768.93 on Sunday, bitcoin, the worlds biggest digital currency, has drifted back toward $7,500 – the level it spent significantly of last week gravitating about.
In spite of last week becoming a quiet one on the volatility front, interest in the No. 1 digital currency just isn’t waning. “At the Cboe futures exchange, the bitcoin futures (XBT) contract volume saw a huge increase in the prior week,” wrote Peter Lusk, senior instructor in the Cboe.
“Monday was a U.S. vacation, so the market was closed, but on Tuesday, the front-month contract recorded an all-time higher volume, with 8,373 contracts trading that day.”
Even with all the shortened week, the average day-to-day volume was five,755 contracts up from four,490 contracts the week prior.
The price tag of a single bitcoin BTCUSD, -1.51% was final worth $7,496.73, down 3% given that Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.