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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…
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.
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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.
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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.