The biggest story moving cryptocurrency prices today (Monday) was the huge surge in optimism surrounding Dash prices.
The fifth-largest cryptocurrency by market capitalization surpassed $1.5 billion and passed NEM on the list. Prices topped $207.00 as traders continue to celebrate Dash's acceptance on the Apple Store.
Apple Inc. (Nasdaq: AAPL) had previously rejected Dash's efforts to join the store last summer. After a lengthy appeals process, Apple reconsidered last week. Dash CEO Ryan Taylor has said Apple's decision to approve its inclusion in the Apple Store is the latest recognition of its demand and increased importance.
The total market capitalization of the cryptocurrency market topped $95.0 billion but retreated under this figure in the afternoon as Bitcoin and Ethereum prices fell into the red.
Below is a recap of cryptocurrency prices at 2 p.m. EDT…
Bitcoin: $2,731.87, -0.85%
Ethereum: $224.21, -1.14%
Ripple: $0.191, -1.40%
Litecoin: $44.27, -0.27%
Dash: $205.34, +7.62%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today Dip Slightly After Last Week's Massive Rally
The price of Bitcoin declined a meager 0.85% a week after an incredible rally. Prices increased by more than 50% last week as Bitcoin overcame concerns about a potential split into two independent currencies. The Bitcoin network has supported new upgrades that will make it easier and faster to process transactions.
Ethereum Prices Fall as Investors Keep Reeling from Veritaseum Hack
Ethereum prices were off 1.14% as investors continue to monitor the recent hack that saw $8.4 million in value disappear from the Veritaseum platform ICO yesterday (Sunday, July 23). Ethereum is still well below its all-time highs, and investors are starting to question predictions that prices will be able to surpass Bitcoin's market capitalization in 2017.
According to a briefing on the hack, hackers were able to steal VERI tokens and sell them quickly for Ethereum. This was the second heist in a week and the fourth during the month of July.
On Wednesday, July 19, we learned of another heist that saw $32 million in the cryptocurrency disappear due to a vulnerability in Parity's Ethereum Wallet software. Hackers stole 153,000 ETC units from three accounts.
Meanwhile, Ethereum enthusiasts were disappointed to learn that Coinbase – which is the world's largest Bitcoin trading platform – is not ready to integrate Ethereum Classic.
Ripple Prices Tumble Despite Increased Expansion
Ripple prices followed today's downturn in Ethereum and Bitcoin. Prices have been muted over the last 24 hours, but every now and then Ripple can use a day off. The value of Ripple's total market capitalization is up roughly 3,000% year to date. The rally has been fueled by increased expansion of its platform. The SegWit activation under BIP 91 (Bitcoin Improvement Proposal 91) is expected to be implemented on Aug. 1.
Litecoin Prices Decline in Mostly Flat Session
Litecoin prices slipped 0.27% Monday in an underwhelming trading session. Prices have largely stabilized after last week's temporary trading halt on the Poloniex platform.
Dash Prices Soar 7.6% to Become Today's Top Performer
Dash became the top-performing cryptocurrency among the five majors. Prices rallied 7.6% and helped Dash surpass both NEM and Ethereum Classic to become the fifth-largest cryptocurrency by market capitalization.
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.