Monday sees massive gains as $USDT woes pump Bitcoin

15 Oct, 2018
News
Monday sees massive gains as $USDT woes pump Bitcoin

Following sideways movement for Bitcoin over the past couple of weeks, Monday saw Bitcoin break that sideways movements when a massive pump on all tether traded exchanges saw Bitcoin hit a high of $7,788 on Bitfinex. 

The massive pump saw bitcoin climb 15% in a matter of minutes and reaching $7,788 before retracing slightly. Other exchanges not operating with the $USDT pair such as Bitmex saw prices remain fairly stable with a daily high of only $6,661.

Tether is the questionable culprit for the increase in price on BTC which saw a premium of over $1,000 between certain exchanged at one point.

Bitcoin Dominance/ Market Cap

Bitcoin dominance rose slightly to 54.5%, not a massive rise considering it appears there was a huge sell off of $USDT to BTC on some exchanges. The surge in trading volume saw the market cap rise to over $220 Billion before dropping down to $215 billion. Still a massive $15 billion increase over the past two hours.

Bitcoin: $6486 - $7,060 (Ranging price)

Bitcoin's price fluctuates greatly between most exchanges this morning following the abnormal pump in price on $USDT traded exchanges. Bitmex currently has Bitcoin at $6,492 with Bitfinex at $7,060. All-in-all, BTC sees an average jump of 6.44% in price on Monday.

Top 10

For a change, the only red coin in the top 10, is that of stable coin $USDT which was down by 4.5% at one point before recovering to around 2.28%. The other nine coins all see green ranging from 1.56% ($XLR) to 6.78% ($XRP) following Bitcoins pump. Ethereum jumped over $15 back over $200 as the second biggest climber(6.65%) after $XRP

Top 100 Biggest Winner: #52 Kimodo - $1.19 (16.97/24hr)

$KMD is the biggest top 100 climber and only one of three coins to see double figure jumps in price (DROP: 12.11% & $BCN: 10.24%). Komodo climbs a massive 16.97% in price on Monday.

Top 100 Biggest Loser: #65 Digital Futures - $0.14 (-9.35%/24hr)

$DGTX sees its price drop 9.35% following its 100% price jump over the course of the past week. The correction can be related to the dramatic climb in price over the past three days, which saw it break into the top 100.

Bitcoin remains volatile with news surrounding tether unclear and Bitfinex preventing fiat withdrawals due to switching of new banks.

Either way Bitcoin in green is always a good way to start the week.

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