Ethereum prices today were slightly down as Japan's financial regulator sent out a warning about initial coin offerings (ICOs) to investors.
The cryptocurrency market is still digesting the Oct. 27, 2017, statement from Japan's Financial Services Agency (FSA). The FSA stressed the "high" risk factor for investors who purchase new coin offerings in hopes their investment will yield a larger return.
Because Ethereum is used to fund many of these offerings, Ethereum prices can often drop on warnings from financial regulators about ICOs.
In Bitcoin news, prices smashed through the $6,000 level again over the weekend and have remained there through Monday afternoon. The cryptocurrency hit an all-time high of $6,306.58, easily topping a recent record set on Oct. 21.
Heavy trading volume continued to drive up demand. In addition, several analysts continued to project big gains in the future. Max Keiser said that the sharp uptick in new accounts each day will help push Bitcoin to a new record.
"30,000 new #Bitcoin wallets a day. ETF coming soon. Wall St. just getting started. Regulators waking up to their impotence. Hello $10,000!" Kaiser tweeted.
Bitcoin is now up more than 500% on the year.
Below is a recap of the top cryptocurrency prices at 1:30 p.m. EDT:
- Bitcoin: $6,061.73, +1.78%
- Ethereum: $305.81, -0.82%
- Ripple: $0.202, -0.25%
- Bitcoin Cash: $454.92, -2.47%
- Litecoin: $56.49, -1.00%
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 $177.08 billion. Bitcoin's market capitalization comprised 57.1% of the total crypto market capitalization.
Top performers from the largest 100 cryptocurrencies by market capitalization included bitqy (up 71.22%), Monacoin (up 15.52%), FairCoin (up 11.91%), Vertcoin (up 10.70%), Binance Coin (up 8.89%), Bytom (up 8.79%), and NAV Coin (up 8.51%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization included Neblio (down -26.25%), Bitdeal (down -19.41%), SmartCash (down -15.17%), ATM Chain (down -13.40%), TRON (down -11.01), and Stratis (down -7.14%).
Bitcoin Tops $6,300 on Heavy Volumes
The Bitcoin market capitalization shattered $100 billion over the weekend and pushed prices into new record territory.
The surge continues to baffle critics and buyers looking for a downturn.
We are still two weeks away from the scheduled activation of SegWit2x, the hard fork that could cause a sharp disruption in the blockchain and lead to a potential split in the BTC community. The price uptick also came despite news that Vietnam has banned the use of Bitcoin and other cryptocurrencies as a means of payment.
Must Read: The Bitcoin Hard Fork Survival Guide
All of the debates on Bitcoin's future comes as the cryptocurrency will turn nine years old tomorrow.
And in that short time, the cryptocurrency's value has jumped from less than half a penny to more than $6,000 per coin.
In October 2008, developers released the original whitepaper outlining the vision for a peer-to-peer version of electronic cash.
Ethereum Breaks Back Above $300
The Ethereum price ticked back above $300 as traders continue to eye the challenges in the wake of the Byzantium hard fork.
Reports indicate that Ethereum miners have had a hard time adjusting to the new network and that their incentives have been affected as a result.
Top 5 Cryptocurrencies to Invest in Today
Traders are hoping that Ethereum is able to overcome these challenges heading into November.
Litecoin Trading on Light Volumes
The price of Litecoin pushed above $57.00 before a small retreat on Monday.
Prices have remained stubborn in recent weeks. Litecoin is still well below its all-time record of $92.00. The price crashed from that level after China announced a crackdown on cryptocurrency trading and initial coin offerings (ICOs).
Ron Paul Rallies for Bitcoin
The man most known for his contempt for the U.S. Federal Reserve is taking aim at regulators over cryptocurrencies.
Former U.S. Congressman Ron Paul said that government should stay out of regulating Bitcoin. Though he said he doesn't consider Bitcoin to be money, Paul said that he has been amazed by the growth of the sector and prefers consumer choice to increased regulation.
"If people want to use it, the government should stay out of it," Paul reportedly said in an interview last week.
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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.