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Digital currency prices today were flat as crypto investors still weigh a Sept. 28 report from Reuters that said South Korea plans to ban all initial coin offerings (ICOs).
The country's Financial Services Commission said all virtual currencies need to be tightly controlled and monitored.
Below is a recap of the top cryptocurrency prices at 12:00 p.m. EDT.
- Bitcoin: $4,401, +2.3%
- Ethereum: $297.20, -4%
- Ripple: $0.20, +2.3%
- Bitcoin Cash: $ 420.42, -0.3%
- Litecoin: $53.85, -0.2%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Monday, the total market capitalization of the global cryptocurrency sector hit $148.3 billion.
Top performers from the largest 50 cryptocurrencies by market capitalization included Walton (up 31.0%), Binance Coin (up 27.8%), NEO (up 11.0%), SALT (up 9.73%), and Siacoin (up 6.1%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Kyber Network (down -9.5%), Gnosis (down -9.5%), DigiByte (down -7.8%), and Steem (down -7.24%).
Today's top performer in the cryptocurrency markets was Regalcoin, which popped more than 98% over the last 24 hours.
Bitcoin Prices Today Climb Back Above $4,400
The price of Bitcoin ticked above $4,400 on weak trading volumes Monday. The uptick has temporarily silenced critics of cryptocurrencies as traders continue to pile capital back into the markets.
Meanwhile, a slew of bullish Bitcoin supporters have rallied around the market to refute Jamie Dimon's criticism that Bitcoin is a "fraud."
Canadian investment bank Canaccord Genuity firm predicted that the global cryptocurrency market will increase tenfold by the year 2025.
The investment bank also projected that the total market capitalization of Bitcoin will hit $500 billion by that year. This would suggest – at this valuation – that the price of Bitcoin would rise to more than $30,000 per token.
Ethereum Prices Still Below $300
Top 5 Cryptocurrencies to Invest in Today
The Ethereum price was holding the line near $300 as traders prepare for the upcoming Metropolis upgrade.
The first phase will take place this month with the official release of Byzantium.
While Ethereum has found itself in a holding pattern, investors were focusing more on NEO, which added 15% on the day. The so-called "Ethereum of China" has seen a steady recovery on Korean exchanges over the last month since the Chinese crackdown on the sector.
Litecoin Prices Slightly Dip Ahead of Exchange Closures
Markets are now looking at two bearish factors for Litecoin. Later this month, two of the largest exchanges that accommodate Litecoin trading – Huobi and OKCoin – are scheduled to shut down.
The Digital Currency Flash Crash Investigation Begins
U.S. regulators are digging into the June flash crash of Ethereum.
On June 21, digital currency asset exchange GDAX experienced an unusual event where the Ethereum coin fell to $0.10 per token before a rapid recovery saw it jump back to more than $317 in just milliseconds.
The Commodities Futures Trading Commission (CFTC) is looking into whether leverage fueled the downturn, with some traders able to borrow capital and make larger bids on the cryptocurrency than is typically allowed.
It appears that a single $12.5 million trade spurred the massive sell-off.