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As Bitcoin prices climbed past $8,000 over the weekend, Standpoint Research founder Ronnie Moas hiked his Bitcoin price forecast for 2018 from $11,000 to $14,000.
"I am raising my 2018 Bitcoin price target to $14,000 from $11,000," he wrote in a research note this morning.
Moas stated that he is "not trying to be a hero and compete with people on the Internet for who has the highest Bitcoin price."
However, he did argue that with more than $200 trillion in assets around the globe, just a 0.5% migration of those assets into Bitcoin would create a $1 trillion valuation. This figure, he notes, would create a higher valuation than Apple Inc. (Nasdaq: AAPL).
Below is a recap of the top cryptocurrency prices at 11:00 a.m. EST
- Bitcoin: $8,211.33, +5.55%
- Ethereum: $360.60, +0.66%
- Bitcoin Cash: $1,182.24, -0.76%
- Ripple: $0.238, +3.17%
- Litecoin: $71.67, +1.29%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Monday, the market capitalization of the global cryptocurrency sector hit $242.63 billion.
Bitcoin's market capitalization comprised 56.5% of the total crypto market capitalization.
Top performers from the largest 50 cryptocurrencies by market capitalization included Power Ledger (up 55.75%), TenX (up 22.13%), Bitshares (up 17.22%), Cardano (up 10.20%), IOTA (up 9.63%), and Qtum (5.68%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Veritaseum (down -9.67%), Populous (down -7.98%), Gas (down -5.71%), Vertcoin (down -5.41%), Stratis (down -4.34%), and Hshare (down -3.77%).
Bitcoin Soars to Record High
The Bitcoin market capitalization hit more than $133 billion as the price surpassed $8,200 early Monday.
Markets are still speculating on whether Goldman Sachs Group (NYSE: GS) will initiate coverage on Bitcoin and other cryptocurrencies in the near future.
Moas told me that no investment bank wants to be the first to jump into the pool.
However, he suggested that once a major financial institution begins to cover Bitcoin, many will follow.
Ethereum Prices Climb Closer to $400
With the Ethereum price above $360 per coin, markets are speculating on the project's efforts to launch and test its "Casper proof-of-stake protocol."
The price of Ethereum has broken higher by more than 16% over the last few weeks after trading remained locked in a range between $290 and $310.
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Bitcoin Cash Struggles to Regain Momentum
The price of Bitcoin Cash remains under pressure after it fell more than 50% from near-term highs.
The cryptocurrency has been locked in a fork battle over the last week.
Litecoin Eyes $75.00 After Atomic Swap
The price of Litecoin topped $70.00 on news that the first Bitcoin-to-Litecoin Lightning Network "atomic swap" occurred last week.
Litecoin prices are still well below their all-time highs, reached earlier this summer, when the price topped $92.00
Ledger X Initiates Bitcoin Futures
The price of Bitcoin has also rallied in recent weeks thanks to increased optimism over long-term futures contracts tied to the commodity.
Over the weekend, Ledger X initiated its first Bitcoin futures contract, setting the price at $10,000 for an expiration date of Dec. 28, 2018.
The buyer of the contract will only make money should Bitcoin's price surpass $10,000, but this price level suggests markets have confidence Bitcoin prices will only continue to climb.
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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.