Bitcoin accounts for more than half of total crypto assets fjor the first time since May


https://www.thesun.co.uk/wp-content/uploads/2017/03/nintchdbpict000306226097.jpg?strip=all&w=960&quality=100


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.<br>
<br>
At latest check, a single bitcoinBTCUSD-3.71%&nbsp; 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.<br>
<br>
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.<br>
<br>
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.<br>
<br>
Thus far in 2017, bitcoin prices have gained more than 180%.<br>
<br>
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.<br>
<br>
The chief rival to bitcoin remains the bigger year-to-date gainer by far—it is up nearly 2,300% in 2017—although 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.<br>
<br>
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.<br>
<br>
More broadly, cryptocurrencies have come under increasing fire of late.<br>
<br>
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.”<br>
<br>