In Bitcoin price news, the price for the digital currency hit a new all-time high. Prices are up more than 90% since it hit a recent low in late July.
What Is Bitcoin?
NEO prices fell more than 1.9% on the day. However, it still remained in the top 10 cryptocurrencies as it aims to become the "Ethereum of China."
Below is a recap of cryptocurrency prices at 3 p.m. EDT…
Bitcoin: $3,404.54, +1.93%
Bitcoin Cash: $331.67, +3.93%
Ethereum: $288.62, +8.00%
Ripple: $0.185, +3.23%
Litecoin: $46.33, +1.25%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today Continue to Climb
Bitcoin's market capitalization surpassed $56 billion on Tuesday. That means that it's now more valuable than the GDP of Panama and Uruguay.
The upswing has been remarkable especially given how, on Aug. 1, the cryptocurrency avoided a collapse and miners pressed forward with the implementation of SegWit2x.
On Tuesday afternoon, social media users reported that the SegWit2x update was near completion, with just two blocks left until the block size limit was increased.
Bitcoin Cash Prices Climb Nearly 6%
Bitcoin Cash has been on a roller coaster since the hard fork, but prices are climbing nearly 6% today.
Last week, the price collapsed to $200 before rocketing up more than 65% to top $331.00. The recovery has been a boon for investors who received one BCH for every bitcoin they owned pre-fork.
Those who have not sold their BCH currently have a total investment worth more than $3,700 as a result.
Ethereum Prices Keep Climbing
Ethereum prices pushed higher again and are on the cusp of crossing $300.
Prices jumped above $288 in the afternoon while the market capitalization topped $26.5 billion. Initial coin offerings (ICOs) continue to spike, and investments in Ethereum-based ICOs are on the verge of reaching $2 billion.
Ripple Prices Today Follow Rest of Digital Currency Prices Upward
Ripple prices followed the broader market higher despite a lack of news.
The rally in both Bitcoin and Ethereum has generated significant interest in alternative coins as a means of diversification.
Litecoin Prices Climb Thanks to Partnership
Litecoin prices pushed higher thanks to an uptick in Bitcoin prices.
The markets were cheering news that Overstock.com Inc. (Nasdaq: OSTK) planned to partner with ShapeShift to allow customers to use 60 different cryptocurrencies to make purchases.
Overstock has allowed users to purchase items with Bitcoin since 2014.
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.