Bitcoin prices rise as Ether extends recent weakness – MarketWatch

The price of digital currency bitcoin rose Friday, putting it on track for a modest weekly gain, while rival cryptocurrency Ether extended its recent weakness.

At latest check, a single bitcoin BTCUSD, +0.63% was up 3.8% to $2,783.18, according to cryptocurrency research-and-data site Coindesk. While it remains down from an all-time high above $3,000 on June 11, its recent trend has been largely positive. It is on track for its second straight positive session, and it is up 3.3% over the past week.

The market capitalization of bitcoin rose to nearly $46 billion, meaning it once again accounts for more than half of the entire market cap for cryptocurrencies which stands at $89.9 billion, according to Coinmarketcap.com.

This is the first time since May that bitcoin has represented 50% of all crypto assets, according to Tuur Demeester, a bitcoin investor who is also the founder of Adamant Research. Earlier this year, cryptocurrencies topped $100 billion in market capitalization.

Thus far in 2017, bitcoin prices have gained more than 180%.

Related: Bitcoin investors: things may get very ugly soon, if this chart overlay is right

Ether, the digital currency that runs on the Ethereum network, fell 5.7% to $192.70 on Friday, extending its recent weakness. For the week, Ether is down more than 15%, trimming its market cap to $18.2 billion.

The chief rival to bitcoin remains the bigger year-to-date gainer by farit is up nearly 2,300% in 2017although it has struggled since hitting an all-time peak of $395.16 on June 13. At current levels, Ether is trading at levels last seen in May, according to Coindesk.

Much of this weakness has come on recent regulatory moves, including a recent announcement from the Securities and Exchange Commission that signaled it would scrutinize a recent torrent of so-called initial coin offerings, or ICOs. ICOs refer to previously unregulated offerings of digital currencies, many of which were tied to the Ethereum blockchain.

Read: What is an ICO? What investors need to know about initial coin offerings

More broadly, cryptocurrencies have come under increasing fire of late.

Howard Marks, the co-chairman of Oaktree Capital Management, said they were nothing but an unfounded fad, adding that bitcoin was based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.

See original here:
Bitcoin prices rise as Ether extends recent weakness - MarketWatch