The price of Bitcoin briefly crossed over $20,000 during the weekend before a slight pullback on Sunday evening and Monday morning.
Despite the short-term sell-off, Standpoint Research founder and bullish Bitcoin enthusiast Ronnie Moas predicted that Bitcoin prices will eventually climb as high as $400,000.
Moas bases his hyper-bullish outlook on the supply and demand factors of Bitcoin.
He argues that the limited number of the cryptocurrency is creating a massive imbalance in the market. Moas even compared Bitcoin to shares of Amazon.com Inc. (Nasdaq: AMZN) stock from the start of the century.
He told CNBC that Bitcoin is an ultimate buy-and-hold opportunity.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EST.
- Bitcoin: $18,767.60, -2.32%
- Ethereum: $771.79, +6.71%
- Bitcoin Cash: $2,150.49, +15.27%
- Ripple: $0.788, +7.25%
- Litecoin: $336.08, +4.10%
- Cardano: $0.4741, -5.58%
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 $603 billion. Bitcoin comprises 52.1% of the global cryptocurrency market.
Top performers from the largest 50 cryptocurrencies by market capitalization included Qtum (up 69.44%), Hshare (up 54.65%), Electroneum (up 41.09%), VeChain (up 37.1%), Byteball Bytes (up 29.25%), Basic Attention Coin (up 29.08%), and Nxt (up 23.97%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Cardano (down -5.85%), BitConnect (down -3.17%), Stellar (down -2.64%), and Siacoin (down -0.67%).
Bitcoin Pulls Back from $20,000
The 2017 rally of Bitcoin has been one of the greatest moneymaking periods in history. Not only are ordinary investors striking it rich, but also some of Wall Street's most prominent fund managers are getting in on the action.
Former Legg Mason manager Bill Miller says that about 50% of his new hedge fund's money is tied up in Bitcoin.
Miller said on the "WealthTrack" podcast with Consuelo Mack that this is the closest he's ever been to having half of his money in one asset.
Back in the 1990s, he had a 20% position with AOL, a near-20% position in Dell, and another 10% in Fannie Mae.
Bitcoin Cash Captures Third Place by Market Capitalization
Bitcoin Cash popped more than 15%, as altcoins have made significant gains over the last week.
The offspring of Bitcoin from the Aug. 1 fork is now up more than 51% over the last seven days.
Must Read: Can Ethereum Reach $1,000?
Bitcoin Cash has also benefited from the decline of Bitcoin after the launch of Bitcoin futures at the Chicago Mercantile Exchange. CME anticipates roughly $10 billion in capital inflows in the near future.
However, it remains unclear just how much capital will be used to short Bitcoin after it recently touched all-time highs.
Cardano's Rally Takes a Break
Cardano is now the sixth-largest cryptocurrency by market capitalization. In the last seven days, the coin has surged more than 300%.
The so-called "Ethereum of Japan" has now surged from $0.02 to as high as $0.52 in a month.
North Korea Suspected of Fresh Attacks
South Korean's largest intelligence agency revealed that North Korean hackers are hammering the nation's largest Bitcoin exchange.
The BBC reports that hackers have been attacking the home computer of an employee of the exchange Bithumb.
Roughly $7.6 million of cryptocurrencies were stolen, in addition to the personal information of 30,000 citizens. The report states that hackers have been demanding cryptocurrency ransoms in exchange for the destruction of stolen data.
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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.