In cryptocurrency trading news on Monday, the Bitcoin price hit a new all-time high as investors cheered the planned Segwit2x implementation and ignored any threat from last week's hard fork.
The Bitcoin price fell just short of $3,400, while the total market capitalization of the cryptocurrency market surpassed $116 billion on the day. Bitcoin alone now has a market capitalization of $55 billion. By comparison, General Motors Co. (NYSE: GM) and Monsanto Co. (NYSE: MON) both have market capitalizations around $51 billion.
Outside of the top five cryptocurrencies by market capitalization, NEO is generating the most headlines. The cryptocurrency has rebranded from the name "Antshares," a marketing decision that seems to have gained favor with investors.
The price increased more than 27% over the last 24 hours, and some are speculating that it could become the "Ethereum of China." The company will hold a conference call on Aug. 10, in which it will discuss planned software upgrades and other features that could help bolster investor interest.
Below is a recap of cryptocurrency prices at 2 p.m. EDT
Bitcoin: $3,335, +2.11%
Bitcoin Cash: $292.68, +41.66%
Ethereum: $266.97, +0.56%
Ripple: $0.179, -1.81%
Litecoin: $45.76, +0.00%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today: Bitcoin Unaffected by Hard Fork
Bitcoin surpassed a $55 billion market capitalization Monday in a session of heavy trading volumes. Roughly $1.35 billion in Bitcoin exchanged hands as money continues to pile into the cryptocurrency.
The miner-forced hard fork was unable to make a long-term dent in prices, which have rallied from the mid-$1800s just weeks ago.
Recent swings in price have pushed the Bitcoin 30-day Volatility Index to its highest level since 2015, according to Bloomberg.
BitCoin Cash Prices Recover After Big Downturn
The newest cryptocurrency to the Big Five just won't go away. Bitcoin Cash has rebounded from a low of $200 to $265 over the last 24 hours. The coin has received some support after a massive sell-off from last week.
There has been some increased optimism over Bitcoin Cash's future after CoinDesk announced it plans to support it by Jan. 1, 2018.
What Is Bitcoin?
Money Morning Cryptocurrency Expert David Zeiler reported on Bitcoin Cash's future. Here's his latest insight.
Ethereum Prices Stay Flat
Ethereum prices rallied over the weekend thanks to a broader market in the cryptocurrency sector. But prices have been slightly flat over the last 24 hours.
Market capitalization is sitting at roughly $25 billion.
Traders remain highly confident over the future of Ethereum thanks to its ability to handle higher levels of transactions at lower transaction costs.
Analysts anticipate that its Raiden Network, used for payments, will also improve privacy and the number of transactions from current levels.
Ripple Prices Turn Downward on Monday
Ripple prices were the worst performer of the big cryptocurrencies on Monday.
Prices fell more than 1.8% on the day, but it's now climbed to the third-largest market capitalization after last week's downturn in Bitcoin Cash prices.
Total market capitalization of Ripple sits at roughly $6.8 billion.
That's still well below the $25 billion in market cap for Ethereum and $55 billion for Bitcoin.
Litecoin Prices Flat as CEO Asks for Patience
Litecoin prices were flat over the last 24 hours as markets turn their attention to Bitcoin's recent surge.
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.