In digital currency news, the Bitcoin price fell below $4,000 after trading at record highs. Markets have been reacting negatively to a report from Goldman Sachs analyst Sheba Jafari, who said over the weekend that Bitcoin could fall by as much as 50%.
Jafari's report would indicate that prices could tumble down to roughly $2,221.
Below is a recap of cryptocurrency prices at 3 p.m. EDT
Bitcoin: $4,151.98, -2.90%
Bitcoin Cash: $297.44, -0.46%
Ethereum: $289.84, -3.07%
Ripple: $0.162, -4.55%
NEO: $44.49, -8.86%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Hit Slump After Reaching Record Highs
Despite the downturn in Bitcoin prices today, the cryptocurrency is up roughly 320% on the year.
The price has continued to rally since the "hard fork" on Aug. 1 split Bitcoin into two separate coins. Bitcoin had been the proverbial "tide rising all boats" over the last six months, but it has started to leave its rivals behind.
Bitcoin Cash Price Today Slightly Down
The price of Bitcoin Cash didn't fare as poorly as some of its rivals.
The BHC saw slight gains, only to then turn into the red slightly as the day progressed. The price has been hovering near $300 since its wild swings that followed the Aug. 1 hard fork of its parent currency.
Ethereum Experiences Record Daily Transactions
The Ethereum price fell more than 3% despite setting a new transaction record.
The cryptocurrency saw 410,000 transactions in a day, an all-time record for a public Blockchain. The number also topped Bitcoin's all-time record by 40,000 transactions.
Volatility has been rather stable for Ethereum in recent weeks, with price swings moving to the positive and negative in the $20 range. That's far more stable than the price swings we've seen as the network matures.
Ripple Prices Tick Lower
It was a tough day for the rest of the altcoins. The price of Ripple fell more than 4.5%.
We've seen a steady decline in the price of Ripple since Aug. 8. Many of the altcoins have been moving in the opposite direction during Bitcoin's rally.
Nevertheless, the Ripple market capitalization still sits north of $6.3 billion.
The Top 5 Cryptocurrencies to Invest In Today
NEO Prices Slump
NEO was the worst-performing coin in the top 10 today.
Prices were off as much as 13% before it ticked down into single-digit losses. That said, the downturn was expected after last week's meteoric rise.
Over the last seven days, NEO is up more than 150%, and its market capitalization of $2.2 billion is on the verge of surpassing Litecoin, which has been sliding since flirting with $50.00 levels.
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.