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Litecoin prices today fell closer to $50 as investors pour their money into Bitcoin and Bitcoin Cash. Despite the concern of hard forks for Bitcoin, demand for BTC and BCH just keeps increasing.
The price of Bitcoin surged as high as $7,350 Thursday to hit a new record, but the price has since pulled back below $7,000.
Bitcoin received a boost from reports that Goldman Sachs Group (NYSE: GS) is again flirting with the idea of engaging in coverage of the commodity.
China may also reconsider its ban on initial coin offerings.
Largely, the markets dismissed statements from Credit Suisse CEO Tidjane Thiam, who said at a press conference Thursday that Bitcoin is in a speculative bubble. "From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble," he said.
Thiam also raised concerns about the use of Bitcoin in criminal activities. He said that no bank wants to get involved in Bitcoin due to concerns about money laundering and other challenges.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EDT
- Bitcoin: $6,972.42, +5.48%
- Ethereum: $289.03, -3.13%
- Bitcoin Cash: $564.52, +13.5%
- Ripple: $0.197, +0.33%
- Litecoin: $53.93, -1.29%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Thursday, the total market capitalization of the global cryptocurrency sector hit $190.1 billion. Bitcoin's market capitalization comprised 61.1% of the total crypto market capitalization.
Top performers from the largest 100 cryptocurrencies by market capitalization included Storj (up 46.90%), EOS (up 21.2%), Komodo (up 16.18%), BitcoinDark (up 14.46%), Bitquence (up 10.93%), FunFair (up 9.51%), and FairCoin (up 6.85%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization included Groestlcoin (down -32.62%), Status (down -22.94%), I/O Coin (down -19.24%), Gnosis (down -17.15%), Vertcoin (down -15.19%), and ByteCoin (down -11.71%).
Ethereum Slumps Under $290
The Ethereum price fell to a seven-month low against Bitcoin, as the second-largest cryptocurrency by market capitalization continues to struggle to break out of its sideways trading.
Ethereum has struggled to regain its strength since it nearly hit $400 in September.
Ethereum didn't even get any push from news that its creator, Vitalik Buterin, announced at a company conference he is working on long-term upgrades to the blockchain network.
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Buterin introduced what he has called a "modest proposal."
It has been described by CoinDesk as "three-to-four-year roadmap" of the firm's technical and operational development.
Bitcoin Cash Prices Climb 13.5%
Bitcoin Cash continued to trade higher as traders ignored the recent hard fork that established Bitcoin Gold.
The latter cryptocurrency was trading down near $124 after news broke that its network is struggling with safety issues.
It has been just a week since the hard fork created BTG, but it has already suffered from a "massive attack" from hackers.
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.