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Dentacoin prices slid 19% as more news outlets warn crypto speculators about the risks of altcoins and ICOs.
For example, Dentistry.com.uk published a report on Jan. 12, 2018, detailing the volatile price swings of cryptocurrencies and the high risk of fraud in the crypto market. The Boston Herald also suggested Sunday that a lack of regulation around ICOs has led to a "low barrier" that has "led to coins like Dentacoin."
Despite the news, Dentacoin still has a market cap of $772 million.
Meanwhile, the price of Bitcoin saw some positive movement thanks to a sell-off in its rivals. Markets still remain slightly on edge about a potential ban on cryptocurrencies by the South Korean government.
South Korean authorities said that they will require "sufficient consultation and coordination of opinions" before they make a decision.
The vagueness suggests no true time frame, which could fuel additional volatility in the weeks ahead.
Below is a recap of the top cryptocurrency prices at 4:00 p.m. EST.
- Bitcoin: $14,217.20, +4.5%
- Ethereum: $1,331.12, -0.03%
- Ripple: $1.82, -1.43%
- Bitcoin Cash: $2,459.36, -2.89%
- Cardano: $0.816, -0.82%
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 fell to $707.51 billion.
Bitcoin comprised just 33.8% of the total crypto market.
Top performers from the largest 50 cryptocurrencies by market capitalization included Gas (40.11%), NEO (up 25.50%), Stratis (up 9.84%), Golem (up 9.53%), Monero (up 8.04%), Qtum (up 6.27%), Cardano (up 5.85%), NEM (up 5.82%), and Lisk (up 5.00%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included KuCoin Shares (down -19.35%), Dentacoin (down -19.10%), Dragonchain (down -12.25%), 0x (down -11.39%), Dogecoin (down -10.56%), and VeChain (down -9.05%).
Can Bitcoin Double This Year?
Bitcoin has lost a significant amount of ground in terms of its dominance of the total cryptocurrency market.
However, some Bitcoin bulls, like Fundstrat's Tom Lee, believe that Bitcoin's price could easily double in 2018.
The optimism comes thanks to increased institutional demand and an uptick in financial innovation around Bitcoin's ecosystem.
For example, GDAX will open its first Bitcoin Cash/BTC order book later this week, while International Business Times reported today on the "explosive" growth of Bitcoin retirement funds.
Gas Ignites with Big Gains
The price of Gas popped more than 16.4% Monday, but the real winner today was NEO.
The NEO project has two cryptocurrencies tied to it (Gas and NEO), and NEO prices climbed 21.46%.
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NEO is considered the "Chinese Ethereum" and has pulled a lot of capital from investors of slumping altcoins like Ripple in the last week.
In a span of seven days, NEO has surged from $101 to roughly $181.
Bitcoin Real Estate Boom
What is your house worth... in Bitcoin?
That's what a lot of people are asking after a story broke about a home seller in Malibu, Calif.
The owner is trying to sell his 9,000-square-foot home, and he's willing to accept Bitcoin as part of the $45 million payment for the mansion.
In an interview with CNBC, Dr. Wei Tzuoh Chen said he's willing to accept the risk when selling his beachfront property.
Is the Venezuela Cryptocurrency Project Already a Bust?
Venezuela's economy and currency have collapsed thanks to the feckless socialism project over the last two decades.
With hyperinflation at crippling levels, Venezuela's President Nicolas Maduro is trying to turn to cryptocurrency to stabilize his economy.
In December, Venezuela unveiled the petro, an oil-backed cryptocurrency that was priced in through the nation's oil, gas, and precious metal reserves.
Maduro is begging countries to adopt the cryptocurrency to help it overcome a "financial blockade" imposed by U.S. sanctions over drug trafficking and corruption.
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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.