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On Tuesday, altcoins pushed the global cryptocurrency markets higher thanks to concerns over Bitcoin hard forks, and Litecoin prices climbed over 4%.
Meanwhile, Bitcoin prices slumped nearly 4%, and it was the fourth-worst-performing cryptocurrency out of the top 100 by market capitalization. The altcoin rally was so significant that the value of just seven coins and tokens in the top 100 fell on the day.
Today's rally in altcoins could be the beginning of a migration of capital from Bitcoin to alternatives ahead of new forks.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EDT
- Bitcoin: $5,675.11, -3.87%
- Ethereum: $305.63, +7.31%
- Ripple: $0.212, +10.42%
- Bitcoin Cash: $330.55, +4.64%
- Litecoin: $57.64, +4.49%
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 $169.4 billion. Bitcoin's market capitalization comprised 55.7% of the total crypto market capitalization.
Top performers from the largest 50 cryptocurrencies by market capitalization included MonaCoin (up 42.75%), IOTA (up 27.79%), Walton (up 20.58%), Lisk (up 19.88%), Kyber Network (up 19.76%), Stellar Lumens (up 18.89%), and Metal (up 17.55%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization included Asch (down -10.46%), Aeternity (down -9.32%), MCAP (down -8.93%), Blocknet (down -2.44%), BitConnect (down -1.31%), and FirstCoin (down -0.21%).
Bitcoin Retreats to Five-Day Low
The Bitcoin market capitalization fell to $94.4 billion as traders took some profits off the table. The 3.87% decline comes a day after Saudi Prince Al-Waleed warned that Bitcoin prices are "going to implode."
The prince compared Bitcoin's future to the calamitous ending of U.S. energy giant Enron.
Bitcoin Gold is also a reason for a drop in prices.
Must Read: The Bitcoin Hard Fork Survival Guide
Ethereum Prices Bounce Past One-Month Low
The Ethereum price bounced off the one-month low it hit Monday afternoon. The price ticked back above $300 as traders continue to monitor the results of Ethererum's recent Byzantium hard fork.
In addition, the Enterprise Ethereum Alliance released a statement in the wake of the successful first step of the Metropolis upgrade.
"In the mid-term, the success of the Byzantium hard fork and rapid adoption of the Ethereum network will allow Ether to rebound and recover in value," the EEA wrote.
Ripple Reverses Course, Tops $0.21
The Ripple price jumped 10% on the day as traders came in and purchased the coin after a broader market sell-off.
The price has found support at around the $0.21 level. Prices fell sharply last week after the company behind Ripple failed to provide any breathtaking news at its Swell Conference.
Top 5 Cryptocurrencies to Invest in Today
The price of Ripple had rallied to more than $0.30 in anticipation of a major announcement at the conference.
North Korean Cryptocurrency Mining Operations
North Korea has a long history of mining for resources and establishing tunnels around the country.
But cryptocurrencies have brought a new definition of the term "mining" to the reclusive nation...
Today, Quartz reported that North Korea may be using malware to secretly mine cryptocurrencies on your computer.
You read that right.
Malware cryptocurrency mining has reportedly become a major trend in the global hacking community. The report indicates that North Korean hackers are finding ways to use the computer power of strangers to mine Ethereum, Monero, and other cryptocurrencies.
Editor's Note: Get constant updates on Bitcoin, Ethereum, and other cryptocurrencies delivered directly to your inbox with our Profit Alerts service. Go here to sign up now...
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.