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<ul class="summary-list"><li>The pandemic has made cryptocurrencies more attractive to investors, a survey by the Economist Intelligence Unit found.</li><li>Despite openness to crypto, the study found that a lack of knowledge among potential investors is the main barrier to greater adoption.</li><li>Institutional investors surveyed view the primary role of crypto as capital appreciation and asset diversification.</li></ul>The pandemic has made cryptocurrencies more attractive, according to a recent survey from the Economist Intelligence Unit . As more people stayed indoors to curb the spread of the virus, they found themselves with more time on their hands, while flush with multiple rounds of stimulus money from the government.<br /><br />Data from the <a href="https://digitalcurrency.economist.com/?utm_source=OrganicSocial&amp;utm_medium=EIUTwitter&amp;utm_campaign=crypto&amp;utm_content=report&amp;linkId=100000046490614=100000046490614">Economist Intelligence Unit</a> showed 46% of people surveyed found the case for owing cryptocurrencies more compelling due to covid-19.<br /><br />"It's a function of continued demand across both retail and institutions," Mathew McDermott, managing director and global head of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-f3e8155c-7fff-3413-f69d-384cda523f3e">digital assets</a> at Goldman Sachs, was quoted saying in the study.<br /><br />He added: "Given the huge amount of stimulus we're seeing across countries because of covid-19 and low-interest rates, it's the right place at the right time for companies to offer the ability for people to buy, hold, and use digital currencies and have digital wallets."<br /><br />The first part of the study surveyed 3,053 people in February and March from developed economies - US, UK, France, South Korea, Australia, and Singapore - as well as developing countries including Brazil, Turkey, Vietnam, South Africa, and the Philippines.<br /><br />All respondents had bought a product or service within the past 12 months using some kind of digital payment.<br /><br />However, despite an openness to digital currencies, the study found that 51% cited the lack of knowledge as the main barrier towards greater adoption. Following this obstacle are security concerns at 34% and difficulties knowing where to buy <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-599ae8c7-7fff-825a-6b13-ae1326de1073">cryptocurrencies</a> at 29%.<br /><br />  <div type="image" title="Screen Shot 2021 05 28 at 12.21.11 PM" height="653" width="871" msid="83087314" hostid="261"></div>While cryptocurrencies have seen increasing institutional adoption this year, with support from <a href="https://markets.businessinsider.com/currencies/news/tesla-stock-price-crypto-linked-stocks-elon-musk-bitcoin-concerns-2021-5-1030425066">Tesla</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-michael-saylor-microstrategy-purchases-10-million-cryptocurrency-musk-2021-5-1030442667">MicroStrategy</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-bny-mellon-transacting-cryptocurrency-market-btc-bank-investment-management-2021-2-1030073231">BNY Mellon</a>, <a href="https://www.businessinsider.com/paypal-crypto-merchant-payments-bitcoin-ether-litecoin-cryptocurrency-finance-schulman-2021-3">PayPal</a>, and major banks, including <a href="https://markets.businessinsider.com/currencies/news/goldman-sachs-bitcoin-derivatives-investors-crypto-futures-2021-5-1030398903">Goldman Sachs</a> and <a href="https://www.businessinsider.com/bitcoin-morgan-stanley-to-offer-wealthy-clients-btc-fund-access-2021-3">Morgan Stanley</a>, investors surveyed viewed the primary role of cryptocurrencies as capital appreciation and alternative asset diversification.<br /><br />The second part of the study surveyed 200 institutional investors and corporate treasury officials from February to April. About a third were US-based while the rest were spread across Australia, China, France, Germany, Singapore, and the UK.<br /><br />All respondents were familiar with their organization's investment decision-making processes.<br /><br />  <div type="image" title="Screen Shot 2021 05 28 at 12.32.34 PM" height="671" width="895" msid="83087315" hostid="261"></div>"A lot of experts will tell you that <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> has a role to play as part of a diversified portfolio," Henri Arslanian, the crypto leader at PwC, said in the study.<br /><br />He continued: "Despite the volatility, bitcoin can be a hedge potentially against inflation, against currency devaluation, and that's something that a lot of people are looking at."<br /><br />Cryptocurrencies have struggled since bitcoin peaked at the time of <a href="https://markets.businessinsider.com/news/stocks/coinbase-100-billion-valuation-reasonable-disruptive-firm-manhattan-venture-partners-2021-4-1030304567">Coinbase's listing on April 14.</a> Extreme volatility in the past two weeks has slashed bitcoin's market cap nearly in half. <br /><br />Still, many remain bullish on the space. <br /><br />"Our clients want to get exposure to bitcoin and increasingly more different cryptocurrencies, like <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>," McDermott of Goldman Sachs was quoted saying in the study. "It's still a very nascent market but we are looking at different ways to facilitate client appetite to get exposure in a way that's compliant from a regulatory perspective."<br /><a href="https://forum.businessinsider.in/"><em><strong><br />For a more in-depth discussion, come on over to </strong></em><em><strong>Business Insider Cryptosphere</strong></em></a><u><strong><em> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a><br /><br /></strong></u><br />

A survey shows that the pandemic has made cryptocurrencies more attractive to investors, but the biggest barrier to entry is a lack of knowledge

<ul class="summary-list"><li><keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword> spiked as much as 8.5% on Thursday to a new record high above $2,560.</li><li>The rally pushes the market capitalization of ether near $300 billion for the first time.</li><li>An expert said the latest rally is spurred by the rise of <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> apps as they build on top of <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword>.</li></ul><p><a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Ether</a> spiked as much as 8.5% on Thursday to a new record high above $2,560, pushing the market capitalization of the cryptocurrency near $300 billion for the first time.</p><p>The second-largest cryptocurrency rose to a record high of $2,591 at around 8:30 a.m. ET Thursday. Ether thus far has surged 250% year-to-date amid a broader cryptocurrency rally led by bitcoin, whose market cap now stands at $1.1 trillion.</p><p>"We are witnessing a perfect storm for Ethereum's momentum," Sergey Nazarov, co-founder of Chainlink, an oracle network that secures over $15 billion worth of assets on the ethereum <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword>, told Insider. </p><p>Nazarov said the recent rally is spurred by the rise of <a href="https://www.businessinsider.com/how-to-invest-defi-bitcoin-crypto-cio-launches-new-fund-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">decentralized finance</a> applications, which are now worth<a href="https://defipulse.com/" target="_blank" rel="noopener"> over $59 billion</a>. </p><p>"The thousands of developers building what is now the fastest-growing ecosystem in the entire blockchain ecosystem seems to be building their applications on top of ethereum," Nazarov told Insider.</p><p>He continued: "As more and more users pile into these DeFi applications on top of ethereum, some of which are now offering double-digital yield, there's likely increased demand for the asset, as ETH is required whenever a user wants to conduct a transaction."</p><p>DeFi is an <a href="https://markets.businessinsider.com/currencies/news/crypto-market-cap-bitcoin-doubles-to-2-trillion-rally-surges-2021-4-1030274638">umbrella term</a> for various applications - lending, borrowing, trading, saving, derivatives, options, stocks - that use public blockchains and <keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">crypto assets</keyword> to disrupt traditional financial sectors.</p><p style="font-weight: 400;">Simon Peters, a cryptoasset analyst at eToro, added that the recent momentum is ether's alone, as it slowly decouples from bitcoin.</p><p style="font-weight: 400;">"While the two have traded in tandem for much of the last three years, as the cryptoasset market starts to mature, investors will be looking across the broader spectrum of assets and assessing which has the best long-term potential," Peters told Insider.</p><p style="font-weight: 400;">Peters added that ether is a good alternative to bitcoin, especially with it lower dollar valuation. Ether also appeals to investors who want to own whole coins, he said, something far more expensive to achieve with bitcoin, which now trades more than $60,000 per coin on average.</p><p>The latest <a href="https://markets.businessinsider.com/currencies/news/ether-price-all-time-high-coinbase-listing-berlin-hard-fork-2021-4-1030300075">Berlin hard fork</a>, an update to the ethereum network, and the upcoming London upgrade this summer are also pushing the price of the asset higher as it continues to offer a lot of opportunities to developers and investors."</p><p><a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Ether</a> is trading 7.4% higher to 2,543 as of 10:02 a.m. ET.</p>

Ether rallies to a new record above $2,500 as latest rally pushes the cryptocurrency to near a $300 billion market cap

<p>Bitcoin is trading up 1.2% at $1,049 a coin as of 7:37 a.m. ET after aggressive selling on Wednesday slammed the cryptocurrency below the $1,000 level for just the second time since the beginning of Febraury.</p><p>Traders continue to grapple with the possibility that <span>developers could set up a "</span><a href="http://www.businessinsider.com/bitcoin-price-crashes-20-2017-3">hard fork</a><span>," or alternative marketplace for bitcoin, as well a <a href="http://www.businessinsider.com/bitcoin-price-january-11-2017-2017-1">crackdown on trading in China</a> and the US Securities and Exchange Commission's upcoming rulings on <a href="http://www.businessinsider.com/bitcoin-price-crashes-after-the-sec-rejects-the-wiklevoss-twins-etf-2017-3">bitcoin ETFs</a>. </span></p><p><span>Thursday's buying appears to be technical-based as a good deal of support comes into play in the $1,000 area. The cryptocurrency has not put in a close below that level since Febraury 9. </span></p><p><span>2017 has been a voltile year for bitcoin. It rallied 20% in the first week before crashing 35% amid fears China was going to crackdown on trading. Bitcoin then rallied another 75% from mid-January until mid-March, putting in a <a href="http://www.businessinsider.com/bitcoin-super-spikes-to-an-all-time-high-2017-3">record high</a> $1,327 on the morning of the SEC's rejection of the <a href="http://www.businessinsider.com/bitcoin-price-crashes-after-the-sec-rejects-the-wiklevoss-twins-etf-2017-3">Winklevoss ETF</a>. </span></p><p><span>The cryptcurrency has fallen about 20% since then as participants remain on edge over the possibility of an alternative marketplace and the two upcoming SEC rulings on bitcoin ETFs, the first which is due no later than March 30. Neither is expected to be approved. </span></p><p><span>Bitcoin has been the <a href="http://www.businessinsider.com/bitcoin-top-performing-currency-in-2015-2016-1">top-performing currency</a> in each of the last two years. </span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></span></p><p> </p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-mega-billionaires-who-made-a-fortune-last-year-2017-3">7 mega-billionaires who made a fortune last year</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="txZTM5YTE64gA4GFRYvPGavZ6kzc9laH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Bitcoin spikes above $1,000

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">An illustration photo shows a Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen at La Maison du Bitcoin in Paris</p></div><p></p></div></div>Bitcoin is back. </p><p>At least: for 2015. </p><p>The cryptocurrency started Friday October 30 by setting a new 2015 high for its price, breaking past the $320 level for the first time all year. </p><p>The value of bitcoin plummeted to start the year, coming after a 2014 where the price of bitcoin plummeted. The cryptocurrency was trading at as much as $1,150 in early 2014. </p><p>In bitcoin's brief existence it has been hailed by investors including Tyler and Cameron Winklevoss and simultaneously<a href="http://www.businessinsider.com/ap-virtual-currency-groups-form-alliance-with-law-enforcement-2015-10"> created concern </a>surrounding the ease with which criminals can use the cryptcurrency. </p><p>Many Wall Street firms have expressed reservations about working with bitcoin, but are eager to implement <a href="http://www.businessinsider.com/blythe-master-touts-gigantic-potential-of-bitcoin-technology-2015-7">blockchain technology into their businesses</a>. </p><p>Still, big investors are interested in the cryptocurrency. Entrepreneur Barry Silbert <a href="http://www.businessinsider.com/digital-currency-group-launched-by-barry-silbert-2015-10">this week announced a partnership </a>between his Digital Currency Group and investors including Bain Capital Ventures, MasterCard and others to support investment in bitcoin startups. Already, it has developed a portfolio of more than 50 companies.</p><p>Over the last month bitcoin is up more than 37%:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://markets.blockchain.info/">https://markets.blockchain.info/</a></span></p><p class="caption">The price of bitcoin is up 37% over the month of October</p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-too-big-fail-debt-2015-10">Donald Trump was one of the first to be 'too big to fail'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="loNzlkeDrxz2JhYQjfy1pKGyXxgVh5ur" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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A survey shows that the pandemic has made cryptocurrencies more attractive to investors, but the biggest barrier to entry is a lack of knowledge

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Ether rallies to a new record above $2,500 as latest rally pushes the cryptocurrency to near a $300 billion market cap

Isabelle Lee

Bitcoin spikes above $1,000

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Bitcoin hit a new high for 2015

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