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The Bitcoin price today surged above $4,700 for the first time ever. Traders are now eyeing the $5,000 level as markets continue to monitor growing geopolitical instability in the Korean peninsula.
South Korean traders have been driving the uptick in cryptocurrencies in 2017 on speculation that Bitcoin and their rivals will continue to gain legitimacy from governments and central banks around the globe.
The $5,000 price point has been a long-term call from prominent Bitcoin investors like Max Keiser and John McAfee.
Meanwhile, NEO – nicknamed the "Chinese Ethereum" – fell as much as 19% but has since cut its losses down to 5.8%. The plunge occurred after its leadership team announced that it had closed down usage to Chinese consumers.
From the top 50 cryptocurrencies by market capitalization, the best performers on Tuesday were Qtum (up 20.1%), TenX (up 17.20%) and Bytecoin (up 17.15%). Today's top decliners from that group were Iconomi (down 11.3%) and Byteball (down 12.19%).
The total market capitalization of the global cryptocurrency market hit $164.6 billion on the day. Below is a recap of the top cryptocurrency prices at 12:00 p.m. EDT.
Bitcoin: $4,581, +5.82%
Ethereum: $364.79, +6.01%
Ripple: $0.222, +6.88%
Bitcoin Cash: $563.62, -6.40%
Litecoin: $61.37, -2.64%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today: Bitcoin Hits All-Time Record
The price of Bitcoin rallied again Tuesday in the wake of North Korea's missile test. The cryptocurrency has been soaring since the hard fork on Aug. 1 that resulted in a split to two coins.
Year to date, Bitcoin has rallied more than 350%.
Bitcoin Cash Dips Yet Again
Bitcoin Cash retreated in response to the uptick by its chief rival. The price has fallen nearly 44% since it hit $1,000 last week.
Despite the downturn, BCH has become far more profitable to mine than Bitcoin.
How much more profitable? According to Coin Dance, it is now 33.2% more profitable.
Ethereum Prices Hit a Two-Month High
The Ethereum price rallied above $360 to hit a two-month high. The cryptocurrency topped a market capitalization of $34.5 billion thanks to a big jump in trading in South Korea and China.
Investors are optimistic that recent ICOs will be a boon for the currency, particularly as a means of exchange.
Ripple Jumps After Central Bank Presentation
Top 5 Cryptocurrencies to Invest in Today
The price of Ripple rallied again Monday after the technology company behind the cryptocurrency hosted a conference attended by officials from the Peoples Bank of China.
The company hosted academics, industry executives, and central bank leaders to focus on the "latest Blockchain trends."
Investors are hoping that this event translates into a partnership with a large financial institution or a central bank. However, the story has been largely hype.
Litecoin Prices Pull Back
Litecoin has pulled back from an all-time high and settled just a notch above $61.00 per coin.
Litecoin has been on a run recently thanks to increased adoption and feverish buying in South Korea.
Its founder, Charlie Lee, has said that the cryptocurrency offers significant upside because it is being used to process transactions. Lee argues that Bitcoin is viewed more today as a store of value.
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.