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Cryptocurrencies ride Bitcoin high after the top token sees best streak in nearly a year

The largest token rose as much as 2.1% and was trading at about $16 485 as of 10:23 a.m. in London.

The largest token fell as much as 8.5 per cent to $34,337, to drop further.

Bitcoin fell as much as 8.5 percent to $34,337 while Ether declined as much as 12 percent to $2,301.

Bitcoin rallied to a record high after a strong debut by the first U.S. exchange-traded fund investing in Bitcoin futures stoked optimism about the digital asset's outlook.

The largest cryptocurrency jumped as much as 2.1% to $65 467, surpassing its previous peak from April and taking its 2021 surge to more than 120%.

MONEYWEB LIVESTREAM Ether has far outperformed Bitcoin so far this year. By Bloomberg News 3 May 2021  06:22  Image: Bloomberg Bitcoin’s domination of total cryptocurrency market value is declining, suggesting room for more than one winner among digital tokens as the sector evolves. The largest digital currency now accounts for about 46% of total crypto market value of $2.3 trillion, down from roughly 70% at the start of the year, according to tracker CoinGecko. Second-ranked Ether...

Crypto proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fuelled mania. “Ethereum is rising and not much seems to be in its way,” Edward Moya, a senior market analyst at Oanda, wrote in a note on Friday, adding that other tokens were also seeing “fresh interest”. The current distribution of market share also reflects an April shake-out in the cryptocurrency sector. Bitcoin has yet to recove...

The largest digital currency now accounts for about 46% of total crypto market value of $2.3 trillion, down from roughly 70% at the start of the year, according to tracker CoinGecko. Second-ranked Ether is up to 15% and a group of others outside the top few has doubled its share over the same period to 36%.Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest, such as Ether, which breached $3,000 for the first time Monday after quadrupling ...