Ethereum rallies 5% as major cryptocurrencies recover

Ethereum rose over 5% on Monday on track for the third profit in four days, as major cryptocurrencies benefit from a selloff in the Tether cryptocurrency on Bitfinex. 

At Bitstamp, Ethereum rose $11, or 5.7% to $202, with an intraday high at $219, and a low at $189. 

Ethereum closed down 3.1% on Sunday, the first loss in three days as recovery efforts from four-week lows at $185 halted. 

Ethereum tumbled 14.7% last week, the third weekly loss in a row following warnings by the IMF on the risks of crypto assets. 

Market value of cryptocurrencies rose $21 billion on Monday to $221 billion, the highest since October 9. 

Ethereum's surge is partly due to new investments flooding into it after the selloff of Tether on Bitfinex and other platforms. 

The selloff was instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy.