The big news with digital currency prices today was Bitcoin's surge to a new all-time high.
Before its slight retreat today, aggressive buying and high volumes pushed the largest cryptocurrency within distance of a $100 billion market capitalization.
Bitcoin, Ethereum, and Litecoin have all been pushing higher after Coinbase announced that it will let users with a U.S.-based bank account buy all three of these cryptocurrencies instantly.
This decision dramatically reduces the previous waiting period that users faced and will likely bring more liquidity to the markets.
Below is a recap of the top cryptocurrency prices at 1:00 p.m. EDT
- Bitcoin: $5,708.00, +7.59%
- Ethereum: $341.49, +11.73%
- Ripple: $0.256, +0.74%
- Bitcoin Cash: $316.92, -0.49%
- Litecoin: $59.13, +5.42%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Friday, the total market capitalization of the global cryptocurrency sector rose to $173.8 billion.
Top performers from the largest 100 cryptocurrencies by market capitalization included Monacoin (up 138.00%), Dentacoin (up 17.32%), Cardano (up 14.74%), Pura (up 13.16%), and Bitconnect (up 8.97%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization included DigixDAO (down -12.55%), DigiByte (down -11.97%), SALT (down -11.89%), Basic Attention (down -11.05%), and Kyber Network (down -7.69%).
Bitcoin Tops $5,800 Before Slight Retreat
The Bitcoin market capitalization hit $94.8 billion as the rally continued in the cryptocurrency sector.
Volumes were very heavy as nearly $3.8 billion in Bitcoin exchanged hands over the last 24 hours. Coinbase's announcement was cheered by many owners of the cryptocurrency who wanted the ability to buy and sell the cryptocurrency with far more flexibility.
Meanwhile, markets are keeping a close eye on South Korea, where the nation's largest Bitcoin community has asked supporters of Segwit2X to withdraw their endorsement of the protocol.
The Seoul Bitcoin Meetup, which has about 1,700 members, wrote an open letter to the New York Agreement signatories and asked them to turn against the hard fork that is scheduled for November 2017.
Ethereum Rallies on Byzantium Optimism
The Ethereum price broke out of its rut and surged more than 11% as traders piled back into the second-largest cryptocurrency.
Prices rose by double digits as the currency prepares for the first step of its "Metropolis" update.
The first part of this process – the implementation of the "Byzantium" code – will begin on Sunday.
Markets are hoping that a hard fork set for the weekend will not lead to a new spinoff cryptocurrency, similar to the last Bitcoin hard fork that led to the creation of Bitcoin Cash. On Sunday, Byzantium will be enacted at block 4,370,000 of the blockchain.
Ethereum is now hovering near a one-month high.
Litecoin Looks to Break $60.00 Barrier
The price of Litecoin pushed back above $59.13 as traders continued to show optimism about pending upgrades to the alternative coin and the Coinbase announcement.
Litecoin's presence on Coinbase offers a significant amount of legitimacy to the cryptocurrency.
The IMF Eyes Cryptocurrency Threat
The International Monetary Fund's managing director has sounded the alarm about the disruptive influence of cryptocurrencies.
Top 5 Cryptocurrencies to Invest in Today
During a conversation with CNBC at the IMF's annual meetings, Christine Lagarde said that she believes "we are about to see massive disruptions" thanks to the development of new and innovative financial technologies.
At the center of her conversation was the impact of cryptocurrencies on the global economy.
Lagarde said that cryptocurrencies may one day play a vital role in the way the IMF manages its own reserve currencies, which are known as Special Drawing Rights (SDRs).
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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.