Bitcoin alternative Ethereum tops $600 on UBS-led blockchain pilot

Blockchain is the technology that underpins cryptocurrencies like ether and bitcoin. Also known as distributed ledger technology, blockchain is a continuously growing log of data that is decentralized, meaning it is not governed by any central authority.

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

Bitcoin, the world’s largest cryptocurrency, made its debut on a major futures exchange Sunday. Hayter said that 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…

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