Bitcoin alternative Ethereum tops $0 on UBS-led blockchain pilot

Blockchain can be the technology that will underpins cryptocurrencies like ether as well as bitcoin. Also known as distributed ledger technology, blockchain can be a continuously growing log of data that will can be decentralized, meaning This kind of can be not governed by any central authority.

“The news that will Ethereum can be being used as a base identity layer in conjunction with some of the larger banking giants out there can be a positive ratification of the technology,” Charles Hayter, chief executive of digital currency comparison site Crypto Compare, told CNBC in an email.

Bitcoin, the earth’s largest cryptocurrency, made its debut on a major futures exchange Sunday. Hayter said that will bitcoin’s move into a more conventional markets may lead investors to believe Ethereum to be the next big listing on Wall Street.

“Ethereum as a clear number two within the space can be an obvious choice to receive the same treatment as well as have futures listed. This kind of would certainly be no surprise if these plans were already within the works.”

The cryptocurrency market has received unprecedented attention via investors This kind of year. The total market capitalization of all digital assets currently stands at $466 billion, according to Coinmarketcap data.

“The strong rise in bitcoin has brought a lot of fresh individuals to the space — they will naturally be looking to replicate returns as well as Ethereum, which has been within the doldrums comparatively, might look like a Great bet for some yield,” Hayter added.

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