Start the conversation
Comment on This Story
Or to contact Money Morning Customer Service, click here.
On Tuesday, Ripple prices slid 10% thanks to a lack of news from the company's Swell conference in Toronto.
Attendees and investors were hoping for a major announcement, but there has yet to be news that would send Ripple prices higher.
Also in cryptocurrency news, Bitcoin Cash prices rallied more than 16% on heavy buying from South Korean traders. Bitcoin Cash prices surged as much as 25% in the last 24 hours, but still remain significantly below the record of $970 hit on Aug. 19, 2017.
Volumes of BCH increased by 41% on Bithumb, one of South Korea's largest exchanges.
Bitcoin prices were off slightly despite aggressive buying among Chinese traders. Despite the ongoing crackdown on Bitcoin, ban of ICOs, and shuttering of local exchanges, Chinese buyers continue to pile in and pay large premiums for the cryptocurrency. Top Chinese exchanges OkCoin and Huobi will shutter at the end of the month.
Once again, JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon was back in the headlines. Wall Street billionaire Bitcoin investor Mike Novogratz referred to Dimon as a "rent-taker" who will be on the losing side of the "cryptorevolution."
The statement comes just days after Dimon said Bitcoin investors are poised to lose everything if they invest in the cryptocurrency.
Below is a recap of the top cryptocurrency prices at 11:30 a.m. EDT
- Bitcoin: $5,656.40, -1.02%
- Ethereum: $321.75, -5.37%
- Ripple: $0.252, -10.41%
- Bitcoin Cash: $366.02, +16.47%
- Litecoin: $61.07%, -4.56%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Tuesday, the total market capitalization of the global cryptocurrency sector hit $172.1 billion.
Top performers from the largest 100 cryptocurrencies by market capitalization included Dentacoin (DCN – up 32.86%), Monaco (MCO – up 23.24%), Syscoin (SYS – up 18.72%), Neblio (NEBL – up 15.49%), and Kin (KIN – up 14.57%).
Must Read: Bitcoin Taxes Will Create Nightmares for Investors – What to Do
The worst performers from the top 50 largest cryptocurrencies by market capitalization included MonaCoin (MONA – down -14.62%), ChainLink (LINK – down -13.77%), TRON (down – 11.86%), Cardano (down – 10.78%), and BitShares (down – 8.01%).
Bitcoin Still Eyeing $6,000
The Bitcoin market capitalization dipped to $94.2 billion as the cryptocurrency appears to have settled into a short-term trading range. Bitcoin is trying to crack the $6,000 level after it fell just short last week.
Bitcoin traders were also trying to make sense of a report from Bank of America Corp. (NYSE: BAC). On Oct. 16, the company released a research note called "Introducing cryptocurrencies – what are they good for?"
Top 5 Cryptocurrencies to Invest in Today
The analysts projected that major financial institutions will soon explore open blockchain networks and shape new financial products based on the technology.
Despite the optimism, the company said that it is "impossible to assess" the true value of Bitcoin.
Ethereum Slides After Hard Fork
The Ethereum price slid despite optimism in the wake of the Byzantium protocol. The hard fork led to a solid bump on Monday, but prices retreated today as markets may have priced in the upgrade.
The Ethereum market cap sits at $31.1 billion and remains the second-largest cryptocurrency.
The Feds Turn to Blockchain?
Microsoft Corp.'s (Nasdaq: MSFT) Government Cloud Forum 2017 has revealed a stunning development in the future of U.S. privacy.
The tech giant is launching a product called Azure Government Secret, a project that will offer government agencies better access to cloud platforms.
But the product may open the way for the U.S. government to begin storing very sensitive data on blockchains.
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.
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.