Start the conversation
Leave a Reply
You must be logged in to post a comment.
Ripple prices today climbed over 2% as investors eagerly await the company's Swell conference in Canada on Oct. 16, 2017.
Executives are supposed to make a big announcement, and the digital currency is still speculating on what exactly that means.
Digital currency investors today are also weighing in on statements by Russian President Vladimir Putin on the future of the markets.
Putin called for more regulations in what many perceive to be his first significant statement on the sector. "Virtual [currencies] or cryptocurrencies are becoming and have already become more popular," Putin told Russian state media outlet TASS, according to CoinDesk.
Putin also said digital currencies "have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."
Bitcoin also received another bullish call from a major investor. Former fund manager and Goldman Sachs alum Michael Novogratz predicted that Bitcoin would hit $10,000 per token in 10 months or less.
The fund manager recently announced he was raising $350 million and adding another $150 million of his own money to start a new fund that broadly invested across the entire cryptocurrency universe.
How to Buy Bitcoins: Your Guide to Digital Profits
Though he has also called Bitcoin the "biggest bubble of our time," he has justified it by arguing that the technology behind the token will have a remarkable impact on the economy and our future.
Below is a recap of the top cryptocurrency prices at 3:30 a.m. EDT.
- Bitcoin: $4,862.25, -0.72%
- Ethereum: $304.89, +0.80%
- Ripple: $0.2630, +2.17%
- Bitcoin Cash: $314.61, -1.02%
- Litecoin: $51.12, -0.03%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
Top performers from the largest 100 cryptocurrencies by market capitalization included Metaverse ETP (up 80.23%), Regalcoin (up 61.65%), Nexus (up 35.77%), MonaCoin (up 29.60%), and Bytom (up 28.97%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization included Pura (down -16.87%), MobileGo (down -7.61%), I/O Coin (down -6.10%), Kyber Network (down -5.22%), and Aeternity (down -4.12%).
Ethereum Prepares for Metropolis Upgrade
The Ethereum price was flat for most of the day despite news that CoinShares will launch the first Ethereum-based investment product to be listed on the Nasdaq Stockholm exchange.
The product is an exchange-traded note (ETN) for Ethereum. CoinShares also has a Bitcoin-based ETN that it launched in 2015.
Traders are also counting down to the first stages of Ethereum's Metropolis upgrade, which will happen next week. The "Byzantium" code will go into effect when the Blockchain hits block number 4,370,000.
Litecoin Looking for a Bottom
The price of Litecoin was flirting with a decline below the $50.00 level today.
Traders are looking to see if the price can get a bump after a wretched September saw prices collapse from an all-time high of above $92.00 per token.
While Bitcoin and Ethereum have recovered from China's ICO ban and other bearish factors, Litecoin has struggled to find support from traders.
Get on the Path to Greater Wealth: When it comes to making money in the market, "getting in" early - before a stock begins to make its decisive move - is the single biggest factor to your success as an investor. Quickly buying Apple after the June 2013 sell-off, for instance, could have doubled your money. Moving on Valeant the same day we recommended our big "negative bet" against it would've booked you a remarkably fast 700% return. That's why we've introduced Money Morning Profit Alerts. This new, free service lets you choose what investing areas you want to follow - and makes sure you get alerted to news from that sector as soon as we publish it. It means no more waiting. No more searching. No more missing out. It's easy to get started - just go here.
Follow Money Morning on Facebook, Twitter, and LinkedIn.
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.