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Bitcoin prices in Zimbabwe climbed over $10,000 on the trading platform Golix this week thanks a currency crisis in the southern African nation. Back in 2008, the Zimbabwean dollar was replaced with U.S. currency to address hyperinflation.
However, the nation now faces a shortage of U.S. dollars, and banks are limiting withdrawals, according to CNN.
Also in Bitcoin news, the Chicago Mercantile Exchange announced yesterday (Oct. 31, 2017) that it plans to offer regulated Bitcoin futures contracts.
Below is a recap of the top cryptocurrency prices at 2:35 p.m. EDT
- Bitcoin: $6,618.64, +4.17%
- Ethereum: $298.69, -2.78%
- Bitcoin Cash: $494.83, +10.82%
- Ripple: $0.196, -2.76%
- Litecoin: $54.61, -2.68%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Wednesday, the total market capitalization of the global cryptocurrency sector hit $184.55 billion. Bitcoin's market capitalization comprised 59.7% of the total crypto market capitalization.
Top performers from the largest 50 cryptocurrencies by market capitalization included EOS (up 24.39%), Golem (up 19.29%), Status (up 12.97%), Bitconnect (up 4.69%), and Bytecoin (up 4.63%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Cardano (down -17.06%), Walton (down -16.74%), TenX (down -13.61%), PIVX (down -13.45%), and OmiseGo (down -12.49%).
Bitcoin Tops $6,600
The Bitcoin market capitalization topped $110 billion Wednesday as the buying frenzy and euphoria continues.
In recent days, more Wall Street analysts have projected that prices will continue to surge to $10,000, with a six-digit price coming in the next decade.
On Tuesday, the CME Group announced plans to list Bitcoin futures contracts before 2018. The decision is expected to lure more institutional investors and speculators into the cryptocurrency markets.
CME Group is confident that since Bitcoin has been ruled a commodity by regulators, derivative contracts will be approved by the U.S. Securities and Exchange Commission.
Despite the news, not everyone is enthusiastic about the idea…
Some have argued that Wall Street's "innovation" is creating a potentially toxic product that fails to understand the true value of the underlying commodity. Some have compared this development to past innovations during the mortgage bubble that fueled the 2008 crisis.
Ethereum Slumps Below $300
The Ethereum price was back in familiar, frustrating territory Wednesday.
Ethereum was trading below $300 as investors attempted to find good news for the second-largest cryptocurrency.
This week, traders will be looking for optimism at the Devcon3 Ethereum Foundation Developers Conference. It has been a lackluster few weeks of trading for Ethereum, particularly in the wake of the Byzantium upgrade.
Bitcoin Cash Breaking Out
Bitcoin Cash has been breaking out since the lukewarm hard fork that created rival Bitcoin Gold.
The BCH coin is now the third-largest cryptocurrency by market capitalization. Traders have grown more bullish on news that a hard fork for BCH will upgrade the network and reduce volatility.
Top 5 Cryptocurrencies to Invest in Today
Markets do not expect that BCH will break up into multiple blockchains, a concern that had hindered expectations for its value in the future.
An Amazon Cryptocurrency?
Is the world's largest e-commerce company on the verge of launching its own cryptocurrency or blockchain project?
Rumors are swirling after Amazon.com Inc. (Nasdaq: AMZN) reportedly registered three cryptocurrency-related web domains.
According to CoinDesk, Amazon Technologies has registered AmazonCryptocurrency.com, AmazonCryptocurrencies.com, and AmazonEthereum.com.
This subsidiary has been tied to several patent filings and web domain registrations in the past.
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.