While the prices of major cryptocurrencies fluctuated today, Dentacoin prices climbed 17.51% and reached a market cap of $216 million.
Dentacoin pitches itself as a project to improve dental health, cut out the middlemen insurance firms, and improve the relationship between patients and their dentists.
According to Dentacoin's Twitter account, 61 dentists inquired about learning more about the coin between Dec. 15 and Dec. 22.
Meanwhile, the price of Bitcoin retreated after nearly hitting $17,000 this morning. Bitcoin prices continue to recover from a significant downturn last Friday that pushed the price below $10,500.
Below is a recap of the top cryptocurrency prices at 2:00 p.m. EST...
- Bitcoin: $15,505.40, -4.20%
- Ethereum: $756.80, -1.63%
- Ripple: $1.34, +22.31%
- Bitcoin Cash: $2,838.10, -4.98%
- Litecoin: $272.67, -5.22%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Wednesday, the market capitalization of the global cryptocurrency sector hit $589.69 billion. Bitcoin now comprises 44.1% of the global cryptocurrency market.
The world's largest cryptocurrency has been in retreat thanks to a large surge in interest in alternative coins.
Some of the top performers from the largest 50 cryptocurrencies by market capitalization included VeChain (up 50.14%), Golem (up 33.51%), Hshare (up 27.32%), Ripple (up 22.31%), SALT (up 16.51%), Status (up 16.1%), and RailBlocks (up 13.99%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included ICON (down -12.77%), Populous (down -12.33%), Nxt (down -9.90%), Veritaseum (down -7.88%), Augur (down -7.82%), Ark (down -7.74%), and Verge (down -7.29%).
Bitcoin Retreats After Recovery
Skeptics continue to pile on Bitcoin after last week's plunge.
The key criticism now centers on how to properly valuate Bitcoin. "Nobody knows the ultimate value of this underlying asset," Edward Stringham, president of the American Institute for Economic Research, told Bloomberg this week.
"We cannot predict whether it's going to be zero or $1 million or anything in between," Stringham said.
Ripple Roars to Record High
Ripple is now the third-largest cryptocurrency by market capitalization.
Ripple jumped more than 22% after a big announcement surrounding its technological progress in Japan.
Must Read: In 2018, This Will Be Better Than Bitcoin
A Tokyo-based financial services firm called SBI Holdings, along with its SBI Ripple Asia subsidiary, announced it has created a "consortium" with several Japanese credit card firms.
The consortium plans to use Ripple's technology.
Russia Eyes Bitcoin Regulations
The Ministry of Finance in Russia is preparing to accelerate regulations around Bitcoin and other cryptocurrencies.
Russian Finance Minister Anton Siluanov said in an interview with state-run media this week that his division is prepared to release a framework for the cryptocurrency space.
The sweeping regulations will likely cover rules around Bitcoin mining, tax action, and central exchanges for the buying and selling of cryptocurrency.
"The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying, and circulation of cryptocurrency," he said in the interview.
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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.