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Bitcoin and ethereum struggle to add to gains

Investing.com -

Investing.com - Prices of both bitcoin and ethereum struggled to add to gains on Friday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs.

On the U.S.-based GDAX exchange, BTC/USD fell to $2,707.2, down 0.28%.

Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2,700-level.

Bitcoin has struggled to recover after falling from its peak of $3,000, as both profit taking and rising fears that the digital currency could be overvalued has weighed on sentiment.

Meanwhile, Ether, a currency transacted through the Ethereum platform, gained 1.89% to $324.83 but remained on track to post its first loss in three weeks.

Ethereum's popularity has soared in a short space of time and the cryptocurrency boasts large corporate backers such as JPMorgan and Microsoft that share investors' belief that ethereum empowers its users to "codify, decentralize, secure and trade just about anything."

Over the past year, ethereum and bitcoin have gained roughly 2306% and 340%, respectively.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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