Litecoin prices dipped slightly on Friday afternoon as the sixth-largest cryptocurrency followed Bitcoin lower.
U.S. Treasury Secretary Steven Mnuchin said he is concerned about "bad people" using cryptocurrencies to "do bad things." In comments at the Economic Club of Washington, D.C., Mnuchin said the United States is working with other G-20 nations to make sure "that this doesn't become the Swiss numbered bank accounts."
He also said that he is concerned about the risks surrounding speculation.
"I want to be sure consumers trading this understand the risks. I'm concerned consumers could get hurt."
Crypto traders are also weighing various reports about Litecoin creator Charlie Lee.
A post on Medium.com by Bitfinex'ed, a blog "exposing fraud," speculated that Lee hasn't dumped all of his Litecoin holdings recently to avoid a "conflict of interest." Instead, it suggests that Lee unloaded all of his Litecoin to benefit from the massive price surge that occurred over the last month of 2017.
In Bitcoin news, the price was flat over the last 24 hours. The price hovered at $13,670 at 3 p.m. EST.
Below is a recap of the top cryptocurrency prices at 3:00 p.m. EST
- Bitcoin: $13,670.30, -0.90%
- Ethereum: $1,245.82, +2.38%
- Ripple: $1.98, -3.51%
- Bitcoin Cash: $2,539.38, -0.41%
- Cardano: $0.84, +14.90%
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 $698.19 billion. Bitcoin comprised just 32.9% of the total crypto market.
Top performers from the largest 50 cryptocurrencies by market capitalization included SmartCash (up 91.09%), Dentacoin (up 21.14%), EOS (up 18.64%), Binance Coin (up 15.86%), Cardano (up 14.90%), Stellar (up 11.55%), Bytecoin (up 8.89%), and Lisk (up 8.04%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included VeChain (down -14.83%), TRON (down -7.47%), Loopring (down -6.72%), RaiBlocks (down -5.03%), and Siacoin (down -4.99%).
Ethereum Prices Rebound
Ethereum prices are rebounding after a recent sell-off due to concerns about South Korean regulations.
The crypto community has been worried that South Korea was preparing legislation to ban cryptocurrency trading in the country.
However, it appears that such a ban would be a worst-case scenario should exchanges fail to adhere to new rules set by the nation's financial ministry
Cardano Shows Double-Digit Gains
Cardano was the big winner out of the top cryptocurrencies on Friday.
The price of Cardano jumped over 14% and pushed the market capitalization to a little more than $21.9 billion.
Cardano is now firmly established as the fifth-largest cryptocurrency by market capitalization. The price surged higher on news that Cardano future contracts would begin trading on BitMex next week.
SmartCash Pops 90% in a Day
SmartCash, a privacy- and government-focused cryptocurrency, led the top coins in performance over the last 24 hours.
The coin surged more than 90% in a day, although it's uncertain what drove such a pop in price. SmartCash was originally forked from the ZCoin project last year.
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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.