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While other digital currency prices are slightly rebounding, Litecoin prices today are now trading below $50. Prices for the digital currency are now down 32% since the start of September.
Below is a recap of the top cryptocurrency prices at 12:00 p.m. EDT
- Bitcoin: $3,613.67, +3.69%
- Ethereum: $248.24, +3.78%
- Ripple $0.18, +2.56%
- Bitcoin Cash: $420.61, -1.03%
- Litecoin: $48.14, -1.86%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Thursday, the total market capitalization of the entire cryptocurrency sector fell to $117.7 billion.
Top performers from the largest 50 cryptocurrencies by market capitalization included Gas (up 54.06%), MaidSafe Coin (up 26.4%), Decred (up 25.01%), Iconomi (up 23.1), and NEO (up 15.1%).
The largest decliners over the last 24 hours included BitcoinDark (down 10.31%), Hshare (down 9.73%), BitShares (down 8.76%), Dogecoin (down 8.58%), and Siacoin (down 7.18%).
Bitcoin Prices Rebound Slightly
The Bitcoin price appeared to find a bottom at around $3,500, but the price is still off more than $1,300 since hitting an all-time high of $5,000.
Top 5 Cryptocurrencies to Invest In Today
China's decision to shut down local Bitcoin exchanges has fueled a sharp downturn in the market. The decision to shut down exchanges like BTCC has fueled the longest streak of daily downturns in roughly a year.
Bitcoin is also receiving negative press because of North Korean hackers. Earlier this week, the United Nations increased sanctions against the rogue state over its nuclear weapons program. These sanctions included the freezing of assets, an oil embargo, and tighter trade rules to force North Korea into stopping its missile tests.
But the North Koreans have been increasing their hacking attacks in order to steal Bitcoin and circumvent the sanctions.
Ethereum Prices Today Rebounding After Sharp Decline
The Ethereum price was rebounding on Friday and pushed toward $250 per unit.
The Chinese crackdown has dramatically affected initial coin offerings (ICOs), and investors are worrying about the long-lasting effects for Ethereum.
Ethereum and Bitcoin are the two main coins used to purchases ICOs.
Litecoin Prices Today Fall Below $50 per Coin
Litecoin prices were floating in bearish territory Friday, as markets continue to adjust to "life after China."
The price is now off 50% since it hit an all-time high of $92.07. That's quite a crash in less than two weeks.
Litecoin is sensitive to the Chinese markets, as it has been a widely held asset by investors in the country.
Jamie Dimon and John McAfee Speak About Bitcoin
Bitcoin has received harsh criticism from JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon, who called Bitcoin a "fraud."
But digital currency advocate John McAfee shot back with a response. "You called Bitcoin a fraud," McAfee said yesterday. "I'm a Bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work."
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.