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Cindicator prices popped more than 134% and reached a market capitalization of roughly $320 million.
Cindicator is for financial forecasters, and they can receive a reward when they make accurate predictions on the platform, according to its website.
The price of Cindicator seemed to climb today thanks to speculation…
There's belief Cindicator will soon engage in a media blitz to put itself in front of hedge funds and other financial firms in the near future.
Meanwhile, the broader cryptocurrency market continued to slide due to increased concerns about additional crackdowns from the South Korean and Chinese governments. The price of Bitcoin fell below $12,000.
Ethereum hovered below $1,100, while Litecoin pushed past $200 per coin.
Below is a recap of the top cryptocurrency prices at 1:30 p.m. EST.
- Bitcoin: $11,466.10, -2.09%
- Ethereum: $1,038.09, -2.17%
- Ripple: $1.53, -5.30%
- Bitcoin Cash: $1,768.25, -4.57%
- Cardano: $0.63, -7.33%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Friday, the market capitalization of the global cryptocurrency sector dipped to $564.26 billion.
Bitcoin comprised 34.1% of the total crypto market.
Top performers out of the top 50 cryptocurrencies by market capitalization included Decred (up 16.75%), Veritaseum (up 12.21%), Maker (up 10.83%), Augur (up 10.79%), Bitcoin Gold (up 7.12%), Steem (up 5.17%), Electroneum (up 4.73%), and EOS (up 2.18%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization were KuCoin Shares (down -16.61%), Siacoin (down -14.41%), TRON (down -13.23%), IOTA (down -9.34%), NEO (down -8.28%), and Stellar (down -7.95%).
Is Bitcoin in a Bubble?
The price of Bitcoin dipped by 2% Friday, while the market capitalization sat at $191 billion. The price of Bitcoin is still off nearly 50% from its December high, and more and more critics continue to say that the cryptocurrency is stuck in a bubble.
But just how long can the Bitcoin bubble last?
That was a question asked to prominent Yale economics professor and Nobel prize winner Robert Schiller. In a conversation with CNBC yesterday, Schiller suggested that the crypto bubble could last 100 years.
"[Bitcoin] might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years," he said.
Does 100 years really make it a bubble?
Regulators Crack Down on Bitcoin Fraud
The CFTC announced today that it has charged a U.S. company with fraud over trading Bitcoin and Litecoin.
The regulator charged a New York-based firm called CabbageTech and its leader, Patrick McDonnell.
The firm reportedly promised to deliver a 300% return on a crypto investment in less than a week, according to the complaint.
"In reality, as alleged, customers only bought into the defendants' fraudulent scheme," CFTC Director James McDonald said.
"We will continue to work hard to identify and remove bad actors from these markets."
Updates from the North American Bitcoin Conference
During the second day of the North American Bitcoin Conference, optimism over Bitcoin was palpable.
Dustin Byington, president of Wanchain, said that today's market capitalization for the entire sector is nothing compared to its future possibilities.
"What we believe totally to be true is that this graph will continue dramatically up and to the right – that soon, we will not have a $600 billion market cap," Byington said.
"We will have a $2 trillion market cap! Four, 12, 20!"
But there was one thing that it appears too many people overlooked. One week ahead of the event, the conference organizers stopped taking payment in Bitcoin.
"Due to the manual inputting of data in our ticketing platforms when paid in cryptocurrencies, we decided to shut down Bitcoin payments for last-minute sales due to print deadlines," the company said in a statement last week.
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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.