This week Bitcoin eclipsed $1,400 for the first time, while Ethereum surpassed $80 for the first time. A number of governments globally are considering the legalization of these cyptocurrencies, which could further spur adoption.
Chris Dannen, founder of New York-based cryptoasset fund Iterative Instinct, said the growing adoption of so-called alt-coins—a category that includes every cryptocurrency aside from bitcoin—has in turn benefited bitcoin. “I think it’s the excitement over alt-coins that’s driving the bitcoin price higher,” Dannen said. Back in February, Microsoft Corp. MSFT, -0.63% J.P. Morgan Chase & Co. JPM, +0.53% and a handful of other partners launched the Enterprise Ethereum Alliance, a computing platform built on top of the Ethereum software that allows businesses to build blockchain-based applications.