Goldman said Bitcoin will test $3,000 again in the near future and projected it could push as high as $3,700 beyond that. Bitcoin also benefited after Poloniex temporarily halted Litecoin trading
Meanwhile, Ethereum prices were rebounding after Wednesday's rollercoaster ride. A hacking event saw another massive haul of Ethereum stolen.
Here's a quick breakdown of prices over the last 24 hours (all prices as of 3:20 p.m. EDT).
Bitcoin: $2,638.51, +15.15%
Ethereum: $225.33, +4.33%
Ripple: $0.18, +3.08%
Litecoin: $44.37, +6.39%
Dash: $189.01, +17.95%
Now that we know all of today's price movements, here's what moved these cryptocurrencies today…
Bitcoin Prices Up 40% from Weekend Lows
Bitcoin prices are up more than 40% since last weekend on news that the so-called "civil war" over Bitcoin's scaling methods appears to be ending. Bitcoin prices have surged from the July 17 lows of $1,852 to today's $2,638. According to reports, roughly 80% of Bitcoin's miners have agreed to support a new proposal, Segwit2x, due Aug. 1. Supporters now include AntPool, BitClub, Bixin, BTC.com, and BitFury.
Bitcoin has also enjoyed positive media attention over the last 24 hours on news that three prominent members of the financial community have bolstered their investments in the asset. Former Legg Mason Inc. (NYSE: LM) money manager Bill Miller, Standpoint Research founder Ronnie Moas, and CNBC personality Josh Brown have issued bullish outlooks on Bitcoin.
Meanwhile, reports indicate a federal judge has blasted the IRS over a recent Bitcoin probe involving an anonymous Coinbase customer challenging the tax agency's request for records.
The judge allowed the customer to challenge the IRS in court without disclosing his identity as the agency attempts to obtain customer records for the purposes of tax enforcement.
The IRS has claimed just 802 people declared gains or losses from Bitcoin last year. The agency believes many people have been evading taxes during Bitcoin's massive price gains over the last two years.
The federal judge says allowing the IRS to access Bitcoin user records would potentially unlock the agency's ability to obtain banking information on every single account from every single branch customer in the United States.
Ethereum Prices Rebound After Yesterday's Slump
Ethereum prices are recovering after the second notable heist of the cryptocurrency in a week. Two major hacks have compromised roughly $32 million in ethers, according to Etherscan.io. Prices have rebounded more than 50% from the lows seen on July 17 of $140.
Ripple Prices Post Modest 3.1% Gain
Ripple prices ticked higher on news that the distributed ledger startup reported increased investor interest in its cryptocurrency.
According to a new report issued today, its subsidiary sold $31 million in XRP during the second quarter of this year. That's more than three times the amount it sold in the first quarter. The firm also said it is increasing volume of fiat currency-for-XRP purchases, which the company believes is a sign Ripple is becoming a more mainstream asset.
Prices sat at $0.18 on Thursday afternoon. That's still more than 50% down from its May 17 all-time high of $0.40.
Litecoin Prices Follow Bitcoin Higher
Litecoin prices ticked higher thanks to a "halo" effect from Bitcoin prices, says Money Morning Cryptocurrency Expert David Zeiler. The 6.4% uptick to $44.37 came despite news that there was a market freeze that temporarily halted Litecoin trading.
Dash Prices Pop on Growing Optimism
Dash prices have enjoyed a nice pop over the last 24 hours after Apple Inc. (Nasdaq: AAPL) reversed its ban on mobile applications that support the cryptocurrency.
In August 2016, Apple decided to ban Dash-based applications. This week's reversal is seeing a moment of legitimization for Dash and puts it in the same league with the previously approved currencies – Bitcoin, Ethereum, Ripple, and Litecoin.
Today's temporary halt of Litecoin trading on Poloniex also helped push prices higher.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.