Today In Cryptocurrency: Bitcoin Cash Booms, Investor Compares Bitcoin To The Internet

The cryptocurrency market took a breather on Monday after a big rally last week, with top cryptos trading mostly flat on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move.

Headlines

The one exception to the flat trading among top cryptocurrencies on Monday was Bitcoin Cash, which jumped another 10.6 percent and is now up more than 80 percent in a week. According to Business Insider, the excitement surrounding Bitcoin Cash at the moment is related to an upcoming fork in the currency scheduled for May 15. The last several bitcoin hard forks have been followed by steep price increases, and investors may be hoping the upcoming Bitcoin Cash fork will continue that trend.

Goldman Sachs Group Inc GS has hired its first ever head of digital asset markets in response to client demand. Former Seven Eight Capital senior vice president Justin Schmidt is joining Goldman as part of its securities division.

Venture capitalist Tim Draper, who was an early investor in Tesla, Inc. TSLA, Skype and Hotmail, over the weekend said bitcoin will be bigger than all three of these companies combined and could even end up being bigger than the internet. Draper also reiterated his 2022 price target of $250,000 for bitcoin.

Price Action

The Bitcoin Investment Trust GBTC traded at $15.24, up 2.6 percent.

Here’s how several top crypto investments fared Monday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin dropped 0.4 percent to $8,882;
• Ethereum gained 0.1 percent to $639;
• Ripple dropped 2 percent to 86 cents;
• Bitcoin Cash gained 10.6 percent to $1,368;
• EOS dropped 0.8 percent to $11.43.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• Carboncoin: $2.7-million market cap, 71.4-percent gain.
• GPU Coin: $2.7-million market cap, 69.2-percent gain.
• ZClassic: $52.1-million market cap, 66-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

DNotes: $4.5-million market cap, 46.7-percent loss.

IncaKoin: $1.3-million market cap, 43.1-percent loss.

Rise: $11.5-million market cap, 36.2-percent loss.

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