Bitcoin prices are down 50% since the start of 2018, but Timothy Enneking, the managing director of Crypto Asset Management LP, believes the cryptocurrency bear market is mostly over.
An April 10 CoinDesk.com report says Enneking believes prices dropped because of asset consolidation, regulatory concerns, massive liquidation by Mt. Gox, and startups selling crypto assets to pay salaries.
And while cryptocurrency prices have been falling, savvy investors view this as a perfect buying opportunity before the market rebounds..."
As we reported on April 6, billionaire George Soros and several other well-known institutional leaders recently began to purchase cryptocurrencies as a long-term investment.
Here is a recap of the top cryptocurrency prices at 11:30 a.m. EDT (returns in last 24 hours).
- Bitcoin: $6,931.84, +1.97%
- Ethereum: $421.15, +4.75%
- Ripple: $0.49, +2.02%
- Bitcoin Cash: $655.93, +2.01%
- Litecoin: $115.48, +1.49%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency News Today
On Wednesday, the market capitalization of the global cryptocurrency sector hit $270.23 billion.
Bitcoin comprised 43.5% of the total cryptocurrency market, with a market cap of $117.64 billion
The top performer in the space was Dogecoin, which jumped 22.98% on the day. The cryptocurrency is a digital token that borrows its logo image from the Shiba Inu dog pictured on an Internet meme.
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Other top performers from the top 50 cryptocurrencies included EOS (up 19.13%), Bytecoin (up 15.92%), Aion (up 13.15%), Wanchain (up 11.31%), Bytom (up 10.79%), 0x (up 10.23%), ICON (up 9.68%), Stratis (up 9.64%), Maker (up 9.58%), Decred (up 8.91%), and Loopring (up 8.35%).
The worst performers from the top 50 cryptocurrencies included Verge (down -5.11%), Binance Coin (down -0.94%), TRON (down -0.86%), and Tether (down -0.02%).
Ripple Makes a Move on Blockchain
Ripple (XRP) prices climbed more than 2% on news that it will invest $25 million into a blockchain-focused fund.
Ripple's leadership said that the new investment into the $150 million fund will help the firm reach new entrepreneurs.
But some of the biggest cryptocurrency news today involves the Winklevoss twins...
Winklevoss Exchange Goes Big
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On April 12, the cryptocurrency exchange Gemini (run by the Winklevoss twins) will offer block trading outside of its traditional order books.
Traders will be able to buy and sell large amounts of cryptocurrencies (minimum blocks of 10 bitcoin And 100 ethereum) on the Gemini Block Trading marketplace.
This is the latest step by Gemini to lure institutional demand into the cryptocurrency space.
Back in December 2017, Gemini partnered with the Chicago Board Options Exchange (CBOE) to launch Bitcoin futures trading.
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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.