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As Bitcoin prices climb closer to $10,000, investors are ramping up speculation on who exactly created the digital currency.
A former intern for Musks' other company, SpaceX, believes the visionary CEO also made Bitcoin in his spare time, according to CryptoCoinNews.com.
The intern suggests Musk's mastery of computer programming language and deep understanding of cryptography and economics could be evidence why he is the true creator.
While the debate rages on about who really created Bitcoin, we're focusing on the massive price movements…
Bitcoin's valuation of $160 billion has matched the market capitalization of General Electric Co. (NYSE: GE), a firm with nearly 300,000 employees and roughly $120 billion in annual revenue.
Below is a recap of the top cryptocurrency prices at 11:00 a.m. EST
- Bitcoin: $9.615.21, +2.41%
- Ethereum: $475.20, +3.70%
- Bitcoin Cash: $1,646.71, +1.36%
- Ripple: $0.252, +0.85%
- Bitcoin Gold: $364.79, +6.39%
- Dash: $628.43, +6.39%
- Litecoin: $89.65, +4.73%
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 topped $300 billion.
Bitcoin's market capitalization comprised 53.5% of the total crypto market capitalization.
Top performers from the largest 50 cryptocurrencies by market capitalization included Nxt (Up 40.46%), Cardano (up 21.93%), Veritaseum (up 20.65%), IOTA (up 19.98%), DigixDAO (up 18.13%), and Steem (up 15.12%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Power Ledger (down -8.12%), Hshare (down -4.63%), Decred (down -3.95%), BitConnect (down -3.62%), and Bytecoin (down -3.62%).
Bitcoin Is Now Worth More Than The Walt Disney Company
The Bitcoin market capitalization hit $160.88 billion. At this level, Bitcoin is now worth more than blue-chip companies like International Business Machines Corp. (NYSE: IBM), McDonald's Corp. (NYSE: MCD), and The Walt Disney Co. (NYSE: DIS).
Bitcoin is also ranked as the 30th-largest currency on earth, surpassing the likes of local currencies in Singapore and the United Arab Emirates.
In an interview with CNBC, Nuveen Asset Management's Chief Equity Strategist, Bob Doll, said that Bitcoin has seen "an amazing run," but he believes that the current price point "feels speculative."
Ethereum Hovers Near All-Time High
The Ethereum price hit an all-time high over the weekend of $488. The rally coincided with calls from hedge fund manager and cryptocurrency enthusiast Mike Novogratz's prediction that Ethereum would hit $500 by the end of the year.
On Thanksgiving, Ethereum topped $400 for just the second time ever. The rally has been fueled by increasing interest in the underlying blockchain.
Recently, Hewlett Packard Enterprise Co. (NYSE: HPE) demonstrated a blockchain-based application that uses Ethereum's protocols to operate a Roomba vacuum cleaner.
Bitcoin Gold Becomes Fifth-Largest Cryptocurrency
Bitcoin Gold has retreated from its Nov. 24 record high of $413.74. Despite falling to just above $360, Bitcoin Gold maintains a market capitalization over $6.06 billion.
Bitcoin Gold experienced a surge in price earlier last week after exchanges Bithumb and Bitfinex both introduced BTG trading pairs to their cryptocurrency options.
Stocks Continue to Surge Thanks to Bitcoin Mining
Shares of NVIDIA Corp. (Nasdaq: NVDA) hovered near an all-time high Monday thanks to surging demand for Bitcoin mining equipment.
RBC Capital Markets analyst Mitch Steves predicted that Bitcoin's surge would fuel another round of increased sales in graphics cards (GPUs).
"We are flagging this now, as the payback period has decreased materially which may lead to continued strength in GPU sales related to cryptocurrency mining," Steves wrote in a research note.
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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.