This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
The hard fork that created Bitcoin Gold hasn’t worked out for speculative investors thus far. On Oct. 23, Bitcoin Gold opened at $479.82, but has fallen today (Thursday) to $130.34.
Bitcoin, in comparison, climbed 7% today and is pushing near its all-time high of $6,000.
The price of Bitcoin increased by about $550 in the last 24 hours as markets shake off concerns about the Bitcoin Gold hard fork.
There have also been a few rumors that Amazon.com Inc. (Nasdaq: AMZN) could announce plans to accept Bitcoin on its platform during its Thursday earnings call. However, those rumors are based on pure investor speculation.
Also in cryptocurrency news, markets were largely unfazed by statements made by the governor of the United Arab Emirates (UAE) central bank.
Mubarak Rashed Al Mansouri has raised concerns about the lack of supervision around the cryptocurrency industry and suggested that Bitcoin is being used for illicit activity.
“Some nations have announced that they are not using Bitcoin, and consequently, its value sharply plummeted. In addition, it can be easily used in money laundering and in funding terror activities,” the central banker said.
Below is a recap of the top cryptocurrency prices at 11:00 a.m. EDT
- Bitcoin: $5,934.55, +7.25%
- Ethereum: $298.48, +0.64%
- Ripple: $0.20, +0.64%
- Bitcoin Cash: $337.80, +2.92%
- Litecoin: $56.44, +2.32%
Now that we know all of today’s price movements, here’s what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Thursday, the total market capitalization of the global cryptocurrency sector hit $172.0 billion. That figure is nearly $7.5 billion higher than levels hit on Wednesday. Bitcoin’s market capitalization comprised 57.4% of the total crypto market capitalization.
Must Read: How “Fedcoin” Will Spearhead the War on Cash
Top performers from the largest 100 cryptocurrencies by market capitalization included Edgeless (up 30.89%), Populous (up 22.57%), Syscoin (up 21.46%), SmartCash (up 18.35%), and Dentacoin (up 18.13%). Meanwhile, Sprouts increased by 1,826.33% on the day. The incredible uptick came despite low volumes and questions about the coin’s functionality.
The worst performers from the top 100 largest cryptocurrencies by market capitalization included ATMChain (down -21.97%), TRON (down -9.45%), ZenCash (down -9.31%), Walton (down -7.76), and Ubiq (down -6.24%).
Bitcoin Snaps Back to $6,000 Range
The Bitcoin market capitalization topped $98.8 billion Thursday after prices jumped more than 7.2% in the previous 24 hours. The uptick has been fueled by declining expectations for the new currency created by the new hard fork and increasing optimism from Wall Street analysts.
Standpoint Research analyst Ronnie Moas recently forecasted that Bitcoin will hit $50,000 per token over the next decade. Moas predicts that Bitcoin will hit a $800 billion market capitalization by the end of 2022.
Markets didn’t pay much attention to the news that South Korea’s central bank announced that Bitcoin is not a currency.
The central bank designated Bitcoin as a commodity, a ruling similar to what U.S. regulators have said in recent months.
Ethereum Continues to Retreat from $300
The Ethereum price just can’t break above $300 no matter how many positive reviews are received over its recent Byzantium upgrade.
Top 5 Cryptocurrencies to Invest in Today
The cryptocurrency maintained a market capitalization of about $28.5 billion.
Bitcoin Cash Gets a Bump
The price of Bitcoin Cash received a surprise bump Thursday.
The gains came on the back of lagging enthusiasm for new rival Bitcoin Gold. The newly forked currency has no institutional support and almost no technological community to advocate on its behalf.
Bitcoin Bubble?
While Moas is hyper-bullish on Bitcoin, alternative asset manager BlackRock is chiming in. The company’s chief investment strategist, Richard Turnill, said that there isn’t a “right or wrong” price for Bitcoin.
But he did warn that the Bitcoin market has “many characteristics of a bubble.”
The company is reportedly interested in the transformational impact of blockchain technologies in the future.
However, Turnill isn’t expecting that Bitcoin prices will increase as a result of the technological adoption.
To get full access to all Money Morning content, click here
About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.
Disclaimer: © 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.
The post Bitcoin Gold Prices Plummet 72% in Just Three Days appeared first on Money Morning – We Make Investing Profitable.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
