Bitcoin rose to a higher position this week, where various cryptocurrencies began to rally on Tuesday as the Blockchain technology had been praised by Sergio Ermotti, the UBS chief.
Bitcoin trading also increased the Bitfinex exchange of up to 4.48 percent at an amount of $6,738 as of 8:22 AM.
Ermotti said that through the use of the blockchain, it would cut the cost for businesses which can be adopted by various businesses-owners.
“The freeing up of resources to become more efficient will come through technology and blockchain is a great way to allow us to … reduce costs,” he said.
The bank continues to be mindful of Bitcoin together with other digital currencies being based on a single technology even as the firm is beginning to work with IBM in testing the platform for the global trade finance by the use of blockchain technology.
The company also made a distinction between blockchain technology and digital coins where they called it a speculative bubble.
Wall Street remains split in its decision to adopt these alternative coons even as some firms are grabbing the chance to use bitcoin and other cryptocurrencies due to its continuous popularity.
Overall, the value of cryptocurrencies has been higher this time with a total market capitalization rising up to the amount of $291 billion as its coin market cap as compared to the $275 billion last Monday.
On the Bitfinex exchange, Ethereum rose by 8.39 percent to $538.26 while the third largest virtual currency, Ripple gained by 6.93 percent to $0.55008 as Litecoin was also higher by 5.81 percent to $99.441.
These digital currencies have been struggling for more than a week even with the alleged manipulation prices and the recent issue of the Bank for International Settlement on these alternative coins being unscalable.