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The price of Bitcoin surged nearly 10% Wednesday thanks to a Forbes report about Square Cash giving a small test group of its users the option to buy or sell Bitcoin.
According to the report, Square's customers have been asking the company if they can buy and sell Bitcoin.
"We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here," a representative said in a statement.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EST
- Bitcoin: $7,260.78, +9.75%
- Ethereum: $331.94, -0.05%
- Bitcoin Cash: $1,230.01, -5.55%
- Ripple: $0.211, +1.48%
- Litecoin: $64.09, +1.33%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Wednesday, the market capitalization of the global cryptocurrency sector hit $219.45 billion.
Top performers from the largest 50 cryptocurrencies by market capitalization included Hshare (up 30.39%), IOTA (up 20.80%), Lisk (up 18.19%), Factom (up 18.03%), GameCredits (up 15.77%), Pura (up 13.44%), and Cryptonex (up 12.77%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included B3Coin (down -19.34%), ZCoin (down -5.58%), Syscoin (down -4.56%), Cardano (down -4.14%), BitcoinDark (down -3.02%), and DigiByte (down -2.90%).
Ethereum Price Update
The Ethereum price has been hovering above $330.00 thanks to the recent uncertainty surrounding Bitcoin.
Must Read: How to Buy Bitcoins – Your Guide to Digital Profits
Even though Ether developer Vitalik Buterin said that he plans to take fees in the future from applications created on the network, the price has mostly been flat.
The current price is at its highest level since mid-October.
IOTA Rallies 20%
IOTA surged into the top seven cryptocurrencies by market capitalization.
The cryptocurrency, which supports transactions on the Internet of Things (IoT), has been rising thanks to a price pump on lower volumes.
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Buy On the Dip
When Bitcoin drops significantly, it might be time to buy on the dip.
According to a new report from Genesis Global Trading, Bitcoin has recovered strongly due to increased volatility.
The report stated the last four times that Bitcoin prices have declined by more than 20% in 2017, the cryptocurrency has recovered by an average of 28% over the following two weeks.
Up Next: CoinDesk's Top 5 Analysts to Follow in the Cryptocurrency Market
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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.