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EOS prices jumped another 1.5% this afternoon and pushed the cryptocurrency into the top six by market capitalization.
EOS has generated a lot of buzz since Tim Lea projected prices could hit $13 per coin by the end of the year.
According to Finder.com, Lea is a fan of EOS because it could be the "hidden gem in the soft cryptocurrency market."
He also said that, as EOS technology improves, prices could climb higher.
From today's price of $5.80, that could be a potential profit of 124.13%.
In Bitcoin news today, the price was ticking back above $7,000 as cryptocurrencies attempt to rebound. Markets are reacting to news that the South Korean government plans to introduce a taxation framework by June.
Taxes on cryptocurrencies are expected to go into effect starting in 2019.
Here is a recap of the top cryptocurrency prices at 10:30 a.m. EDT (returns in last 24 hours).
- Bitcoin: $7,041.33, +6.88%
- Ethereum: $391.14, +5.59%
- Ripple: $0.499, +5.06%
- Bitcoin Cash: $670.12, +5.05%
- Litecoin: $119.77, +7.23%
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 slumped to $263.48 billion.
Bitcoin comprised 45.3% of the total cryptocurrency market, with a market cap of $119.37 billion.
The top performer in the space was Storj, which gained more than 34% in the last 24 hours.
Other top performers from the top 50 cryptocurrencies included VeChain (up 23.95%), XPA (up 19.03%), RChain (up 17.89%), Bitshares (up 17.63%), OmiseGo (up 15.55%), Komodo (up 15.09%), Verge (up 13.17%), Status (up 12.97%), and Ontology (up 12.78%).
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The worst performers from the top 50 cryptocurrencies included Veritaseum (down -2.54%) and Tether (down -0.11%).
South Korea Enters the State Cryptocurrency Race
South Korea could soon jump into the crypto craze by creating its own coin…
The city of Seoul will establish the "S-Coin," a cryptocurrency designed for use in social benefits programs. The city's mayor made the announcement last week, but markets are just now starting to understand the point of the cryptocurrency.
The mayor says that they will use blockchain technology for the city's public transport systems.
The city is also establishing a fund to help advance blockchain startups in the region.
Ethereum Gets the April Fool's Treatment
Ether founder Vitalik Buterin tweeted that a hard cap on the supply of Ethereum tokens was "worth considering" over the weekend.
However, Buterin said his proposal was an April Fool's "meta joke."
Regardless, it fueled a debate among developers, and the idea of a hard cap on 120 million tokens is starting to gain traction.
Nobel Laurate Bashes Bitcoin
Nobel Prize-winning economist Joseph Stiglitz took another shot at cryptocurrencies today.
During a visit on Bloomberg, Stiglitz defended the U.S. dollar and trashed the ongoing crypto craze.
"We have a good medium of exchange called the dollar… we can trade in that. Why do people want Bitcoin?" Stiglitz asked.
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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.