The price of Bitcoin climbed past $16,000 on Thursday morning, as retail investors are racing to add the cryptocurrency to their investment portfolios.
This morning's surge coincided with a report from Standpoint Research founder Ronnie Moas, who hiked his 2018 Bitcoin price forecast from $20,000 to a staggering $28,000 this morning.
In an e-mail to his clients, Moas noted that, on a split-adjusted basis, the combination of Bitcoin and spin-off coins Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond is now worth $17,000.
Moas anticipates that the supply and demand fundamentals of Bitcoin will propel the cryptocurrency toward his conservative long-term price target of $50,000 over the next few years.
Below is a recap of the top cryptocurrency prices at 11:00 a.m. EST.
- Bitcoin: $16,308.00 , +26.13%
- Ethereum: $427.96, -3.38%
- Bitcoin Cash: $1,330.27, -10.31%
- IOTA: $3.63, -11.83%
- Ripple: $0.258, -6.85%
- Litecoin: $95.30, -5.95%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Thursday, the market capitalization of the global cryptocurrency sector hit $416.32 billion. Bitcoin now comprises 63.8% of the global cryptocurrency market.
Top performers from the largest 50 cryptocurrencies by market capitalization included Decentraland (up 177.42%), Tron (up 91.2%), Stratis (up 43.94%), Steem (up 30.41%), Nxt (up 26.73%), SALT (up 21.56%), BitConnect (up 15.25%), and Bytecoin (up 15.18%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included BitShares (down -16.33%), EOS (down -15.74%), QASH (down -12.74%), Augur (down -10.32%), Lisk (down -9.70%), Monero (down -9.63%), and MonaCoin (down- 9.13%).
Litecoin Retreats Under $100 Again
Altcoins didn't have a good day, as more capital poured back into Bitcoin.
Litecoin has been sliding in recent days despite news that Revolut had added it and Ethereum to its mobile payment platform.
Even though Litecoin has been facing pressure in recent days, Litecoin creator Charlie Lee said Wednesday that he and the Litecoin Foundation are making a serious push to bring awareness to the cryptocurrency.
Are CryptoKitties the New Beanie Babies?
CryptoKitties has become so popular that it's causing delays on the Ethereum blockchain.
The project allows buyers to purchase virtual cats – yes, you read that right – for up to $10,000 apiece.
Speculators are hoping to make a huge return on their investment provided by "breeding" their collectable kitties to create new ones.
It now represents about 4% of total transactions on the Ethereum network around the globe
British Regulators Take a Stance on Cryptocurrencies
The UK Treasury will introduce new regulations on Bitcoin and other cryptocurrencies by the end of 2018.
The new legislation is expected to cover the entire European Union and address ongoing concerns about the nefarious elements surrounding the sector.
Regulators are specifically focusing on issues like money laundering and tax evasion.
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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.