Dennis Gartman Predicts Bitcoin Prices Will Fall Below $5,000

Bitcoin prices hovered just above $14,000 to start 2018, and the cryptocurrency has netted some investors gains of 1,364% over the last year.

But there are still warnings that the crypto coin is in for a big price correction...

bitcoin prices

The latest bearish prediction is from the former chief financial futures analyst of A.G. Becker & Co., Dennis Gartman, who told CNBC that Bticoin is headed below $5,000.

Gartman referred to Bitcoin as "one of the silliest things in a long time."

The bearish statement came two days prior to a very interesting report from Bloomberg on the fleeting popularity of Bitcoin in the criminal underworld.

The report said that criminals are turning away from Bitcoin in favor of several other cryptocurrencies to exploit their privacy protections. Recent developments by the U.S. and South Korean governments have made anonymous trading of Bitcoin more difficult.

Bloomberg also says that coins designed to prevent tracking - like Monero - have gained traction.

North Korean hackers have reportedly been behind a scheme to mine Monero and other cryptocurrencies on unsuspecting users' computers.

Below is a recap of the top cryptocurrency prices at 9:15 a.m. EST...

  • Bitcoin: $14,027.70, +4.81%
  • Ripple: $2.47, +11.77%
  • Ethereum: $880.34, +15.64%
  • Bitcoin Cash: $2,613.18, +7.40%
  • Cardano: $0.77, +12.20%
  • Litecoin: $261.19, +14.95

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 $650.0 billion.

Bitcoin now comprises just 36.0% of the global cryptocurrency market. Bitcoin's fleeting dominance has been on display over the last month as investors continue to turn to alternative coins and critics continue to predict a crash for the world's largest cryptocurrency by market capitalization.

Top performers from the largest 50 cryptocurrencies by market capitalization included Steem (up 64.6%), Dragonchain (up 40.2%), TRON (up 38.86%), Stellar (up 33.41%), NEO (up 25.76%), ICON (up 24.42%), and Golem (up 23.13%).

The worst performers from the top 50 largest cryptocurrencies by market capitalization included Bitconnect (down -7.02%), Qtum (down -2.01%), Bitcoin Gold (down -1.00%), and Tether (down -0.42%).

Just seven of the top 100 cryptocurrencies by market cap were in the red over the last 24 hours.

Cardano Surpasses Litecoin

Cardano is now the fifth-largest cryptocurrency by market capitalization and has overtaken Litecoin.

This morning, the market cap topped $20 billion as Cardano's impressive seven-day winning streak topped a return of 85%.

The surge comes just weeks after Litecoin creator and former Coinbase executive Charlie Lee criticized Cardano over its valuation.

Must Read: Can Ethereum Reach $1,000?

"I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did it become a $10 billion coin when it's only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs? Either the market is crazy or Cardano will end world hunger," Lee wrote in December.

"To be clear, I have nothing against Cardano or its tech. And I have a ton of respect for Charles Hoskinson and I'm sure the project has a ton of potential. But at $10 billion valuation right now, how can that possibly be a good value," Lee concluded.

Stellar Jumps 154% in a Week

Stellar Lumens jumped into the top 10 cryptocurrencies by market capitalization on New Year's Day.

The prospect of Stellar's platform - which provides lower costs, fast transactions, and customization - has many investors optimistic that Stellar may soon find itself in the upper tier of cryptocurrencies very soon.

Another Bitcoin Warning

European Central Bank (ECB) executive board member Yves Mersch stoked new fears about the impact of cryptocurrencies on the stability of the global financial infrastructure.

Though Mersch noted that Bitcoin's current value isn't an issue for monetary policy right now, he warned that innovation in the crypto space could fuel a significant volatility in the global market.

"What concerns me most is when financial market infrastructures such as stock exchanges enter this business," he told a German newspaper.

Up Next: Never Miss a Cryptocurrency Opportunity Again

Did you know we have a free research service that finds the most profitable opportunities in cryptocurrencies today?

It gives you real-time recommendations and price updates on only the best ways to make money now.

Here's everything you need to know.

Follow Money Morning on TwitterFacebook, and LinkedIn.

[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]

About the Author

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

Read full bio