Ripple prices hit a new all-time high, climbing past $1 per coin. The market capitalization has now hit $44.6 billion, making it the fourth-largest cryptocurrency.
The price popped more than 40% today thanks to incredibly strong demand from Japanese and South Korean investors.
The market is bullish thanks to a series of Japanese and South Korean banks testing Ripple's underlying technology in cross-border payments.
In Bitcoin news, prices fell more than 7% as the crypto community wonders what's next for the future of the cryptocurrency.
Roger Ver, CEO of Bitcoin.com, told CNBC that investors should prepare for an event in the future where more miners shift their support to Bitcoin Cash. Ver, who has received the nickname "Bitcoin Jesus," advised investors to keep their Bitcoin on an exchange if they need to sell them in a hurry.
He has traditionally advised people to avoid exchanges due to cybersecurity threats and other vulnerabilities.
Despite Ver's sentiment, markets appear to still support Bitcoin. This morning, Fundstrat founder and noted Bitcoin bull, Tom Lee, said that young people see Bitcoin as a "real asset class."
The fund manager referred to Bitcoin as a legitimate tool for diversification against the risks of stocks, bonds, and gold.
Below is a recap of the top cryptocurrency prices at 3:15 p.m. EST.
- Bitcoin: $15,656.70, -7.46%
- Ethereum: $810.22, -1.88%
- Bitcoin Cash: $3,215.35, -16.52%
- Ripple: $1.16, +47.54%
- Litecoin: $306.71, -4.74%
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 $600.72 billion. All of the top 20 cryptocurrencies by market capitalization have hit a record this week.
However, it's important to note that Bitcoin now comprises 43.7% of the global cryptocurrency market. The largest cryptocurrency has experienced a dramatic decline in its overall prominence given the recent surge of capital into the altcoin space.
Top performers from the largest 50 cryptocurrencies by market capitalization included Komodo (up 49.67%), Ripple (up 48.28%), Veritaseum (up 37.44%), RaiBlocks (up 32.48%), Byteballs Bytes (up 25.37%), Electroneum (up 25.06%), Bytecoin (up 23.45%), and Nxt (up 21.66%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Verge (down -17.46%), Bitcoin Cash (down -16.52%), EOS (down -11.25%), Monero (down -11.18%), Dash (down -10.84%), DigiByte (down -10.66%), and Hshare (down -9.69%).
Regulators Warn Investors About Cryptocurrencies
This is an important warning for all Bitcoin and other cryptocurrency investors. Today, the Financial Industry Regulatory Authority informed investors about stocks and scammers that are trying to tap into the huge surge in Bitcoin interest.
The agency specifically focused on "aggressive cold callers" and pump-and-dump schemes.
"Beware of potential stock scams when considering the purchase of shares of companies that tout high returns associated with cryptocurrencies, such as bitcoin," FINRA said in a statement today.
The agency recommends that investors stay wary of cold callers making pushy pitches about moneymaking schemes in the cryptocurrency space.
It also recommended, as part of a six-point plan, to use the EDGAR database to search SEC filings to learn more about the company and its leadership before you invest.
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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.