Monaco Prices Surge 58% After Listing on Bithumb Exchange

Monaco prices rallied nearly 58% and led another breakout day for altcoins.

The monster Monaco rally happened on news that Bithumb, one of South Korea's largest crypto exchanges, began listing the coin.

Monaco's platform and the development team behind the MCO tokens are working to promote the mass adoption of crypto debit cards.

Meanwhile, Bitcoin held above $8,200, and cryptocurrency investors are keeping a close eye on G-20 discussions.

Multiple outlets report that members from the world's 20 largest economies are continuing their dialogue on how to create a regulatory framework for the global cryptocurrency markets.

Here is a recap of the top cryptocurrency prices at 2:30 p.m. EDT (returns in last 24 hours).

  • Bitcoin: $8,272.58, +1.97%
  • Ethereum: $559.57, +8.57%
  • Ripple: $0.745, +8.41%
  • Bitcoin Cash: $967.07, +9.75%
  • Litecoin: $146.08, +5.90%

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...

Cryptocurrency News

On Thursday, the market capitalization of the global cryptocurrency sector hit $356.30 billion.

Bitcoin comprised 39.4% of the total cryptocurrency market, with a market cap of $140.52 billion.

Most People Don't Know This About Bitcoin: A systems upgrade expected any day now could send Bitcoin to $100,000. Go here to see why Bitcoin's not dead... and how it could make you millions.

The top performer in the space was Monaco, which gained nearly 58% on the day.

Other top performers from the top 50 cryptocurrencies included Bitcoin Diamond (up 42.90%), Augur (up 25.23%), Bitcoin Private (up 16.71%), Loopring (up 10.78%), Dogecoin (up 9.83%), Bitcoin Cash (up 9.75%), Bytecoin (up 9.67%), and Maker (up 9.43%).

The worst performers from the top 100 cryptocurrencies included Centrality (down -5.13%), Dragonchain (down -1.11%), and Cryptonex (down -0.87%).

Bullish and Bearish Bitcoin Outlooks

Saxo Bank noted this week that it has seen a sharp rise in demand from retail and institutional investors.

Some of this sentiment has been fueled by optimism that UK investment bank Barclays Plc. (NYSE: BCS) is looking to open a cryptocurrency trading desk in the months ahead.

Markets are also paying close attention after Morgan Stanley (NYSE: MS) analysts suggested that any price below $8,600 would make Bitcoin mining unprofitable.

This week, we saw the most bullish analysts project that Bitcoin could reach as high as $250,000 per coin in the year ahead.

But today, we also received a stark warning from two economists who said that, by using a theory from 1911, BTC is worth much less than today's price.

Bloomberg reported that Savvas Savouri, a London hedge fund partner, and Richard Jackman, from the London School of Economics, used 'Côtes du Rhône theory to calculate Bitcoin's real value.

They believe it's worth just $20.

Ethereum Climbing Towards $600

The price of Ethereum climbed closer to $600 today, but it's co-founder had a warning for crypto enthusiasts...

Vitalik Buterin warned about potential bubbles in the crypto space while talking with the Financial Times.

He told the financial publication that you know you're in a bubble when a "random project" can raise $8 million and believe it's not enough.

The Shocking Reason Why We Think Bitcoin Could Hit $100,000 (and How You Could Make Millions)

Money Morning Defense and Tech Specialist - and cryptocurrency legend - Michael Robinson just revealed the little-known details regarding the future of Bitcoin... and why, at any moment, it could be poised for a record-breaking rebound far beyond anything we've witnessed already.

Michael made a prediction about Bitcoin way back in 2013 - and folks who followed his advice stood to become 253 times richer. I'd venture to say not one in 10,000 people is aware of the massive profit potential unfolding right now.

Before the mainstream public gets any wiser, you need to see this now.

Follow Money Morning on FacebookTwitter, and LinkedIn.

[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]

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.

Read full bio