In cryptocurrency trading news, Bitcoin prices pushed higher as another major fund manager took steps to aid the legitimization of cryptocurrencies. CoinDesk reports that Tim Enneking's Crypto Asset Management has released an index product called CAMCrypto30.
The index will mirror the performance of the top 30 cryptocurrencies by market capitalization.
Meanwhile, in Washington, government agencies are having a hard time agreeing on the future of Bitcoin and similar investments.
Traders are now anticipating that the U.S. Securities and Exchange Commission will review new proposals to help bring Bitcoin and other instruments to mainstream investors in the months and years ahead. This could help legitimize Bitcoin as an investment vehicle at the same time that markets are working to legitimize the cryptocurrency as a stable medium of exchange for transactions.
On the day, the total market capitalization of the global cryptocurrency market topped $124.2 billion. Ten cryptocurrencies now have market capitalizations above $1 billion.
Below is a recap of cryptocurrency prices at 3 p.m. EDT
Bitcoin: $3,398.23, +2.20%
Bitcoin Cash: $287.97, -10.71%
Ethereum: $302.96, +2.72%
Ripple: $0.18, -0.51%
Litecoin: $47.70, -0.89%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today: Bitcoin Pushes Higher Again Thursday
Bitcoin's market capitalization hovered above $56 billion on Thursday thanks to its 2.2% uptick. The gains came on one of the worst days of 2017 for the Dow Jones Industrial Average.
Although gold and silver prices have been the beneficiaries of investors moving to safe-haven assets due to the North Korean nuclear tensions, investors have also found Bitcoin as a reliable investment to help mitigate risk.
Prices are now up about 260% in 2017 and have gained nearly 80% since hitting a near-term low in late July.
Bitcoin is now about three times more expensive than a single ounce of gold.
Bitcoin Cash Prices Drop 10%
Bitcoin Cash prices dropped another 10% as volatility continues after last week's hard fork.
Prices fell under $300 on Thursday and have been on a wild ride since the cryptocurrency's Aug. 1 creation. The divide came after a group of miners debated how to increase Bitcoin's transaction capacity.
Coinbase said it won't be able to support the cryptocurrency until 2018. However, Breadwallet announced that it will be able to support the transfer of BCH by Aug. 14.
The company said that improvements to the BCH network enabled Breadwallet to rapidly meet the need for its exchange.
Ethereum Prices Follow Bitcoin Higher
Ethereum prices pushed to a new one-month high, and prices are now up 50% over the last two weeks.
Increased trade in South Korea, the rise of ICOs, and increased migration into the space by companies have helped bolster Ethereum's remarkable rise in 2017.
The surge in optimism has come after South Korean officials indicated plans to regulate both Bitcoin and Ethereum.
Ripple Prices Flat on Thursday
Ripple prices dipped slightly as traders seemed more interested in the progress of the SegWit2x implementation at Bitcoin. In addition, the broader market decline muted volatility in the cryptocurrency space.
What Is Bitcoin?
Litecoin Prices Trying to Breach $50.00
Litecoin prices were off slightly as it continues to try to breach the $50.00 mark. The currency has gained more than 1,000% in the last year.
While traders are celebrating the implementation of SegWit2x in the Bitcoin blockchain, many forget that Litecoin had implemented the change back on April 11. Since that date, the price of Litecoin has gained more than 300%.
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.