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Bitcoin, Ethereum Rebound after Serious Dip

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Bitcoin and Ethereum rebounded on Thursday, on track to post a third straight day of gains, after tumbling earlier in the week.

Bitcoin hit a high of $2,582.9 on the GDAX exchange before settling at $2,543.4.

The cryptocurrency is up more than 250% this year, jumping from $720 to an historic high of $3,000.

Ethereum, the second-largest capitalized cryptocurrency, also rebounded on Thursday, climbing 1.7% to $290.41. The digital currency tumbled to a low of about $200 on Monday amid investor concerns that the currency had already hit its ceiling.

Ethereum is still down 22% over the last two weeks, but is up over 2,000% this year.

On June 26, Ethereum dipped to $262.38, down from $391.51 on June 13. The digital currency rebounded on June 28, climbing back up to $321.83.

Some backers of the cryptocurrency attributed the crash to rumors that the currency’s co-founder, Vitalik Buterin, had died in a car crash. Buterin used the blockchain to prove to investors that he was still alive.

A World Economic Forum report called “Realizing the Potential of Blockchain” is believed to be partly responsible for the rebound.

Blockchain is the technology that cryptocurrencies are based upon, and something investors want to see gain mainstream acceptance.

Ethereum continues to trail behind Bitcoin in the crypto market, but continues to chase the digital currency for the lion’s share of the market. Ethereum currently holds $30.821 billion, while bitcoin holds $42.558 billion.

As of June 27, Ethereum had roughly 25% of the market, up significantly from its 5.7% market share in February. Bitcoin was holding 85.5% of the market in February, and that share dwindled down to 42.47% by June 27.

AntShares is the only cryptocurrency to gain more than Ethereum in the last 24 hours. AntShares saw a gain of 25.4 points and is the 15th largest cryptocurrency.

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