Last week, the cryptocurrency market showed great volatility. As a point of reference, Bitcoin hasn't been able to reach the $8,000 USD threshold. In the last seven days, the market had a capitalization of $14.78 billion dollars, for a total capitalization of $346.84 billion USD early this Thursday.
The slow recuperation has affected many investors in recent weeks. It has been over five months now since the steep losses the market suffered at the beginning of the year, and there hasn't been a significant recovery since.
However, many speculators are sure that once the first half of the year is past, the value of the cryptocurrencies will take an upward path again.
As we said last week, the probabilities of growth are greater than those of suffering another fall. Although Bitcoin did not exceed the $8,000 mark as we speculated a week ago, we have seen a slow, but steady grow.
This is the ranking of the Top-10 cryptocurrency _ by total capitalization _ early Thursday:
One possible reason for this financial market's resistance to grow faster, could be that governments are still analyzing this financial technology. But above all, and a fundamental point, is that they have found an extraordinary usability in the Blockchain protocol, which in their eyes is the most valuable system in terms of usability and the greater security it entails.
Such is the case of Ricardo Anaya, one of the presidential candidates in Mexico, who spoke during a conference at the Universidad Iberoamericana in Mexico City about his proposals to improve the transparency system in the government practices of that country, noting that using technologies like the Blockchain, they could better control the federal and states budgets.
Also, central banks and multinationals are already beginning to use more widely the Blockchain technology. An example is the software company SAP, which announced on June 6 that it would be launching a Blockchain platform in order to allow its users to develop applications and networks with the support of it.
Likewise, giants like Microsoft and Amazon are sharing their advances in applications with Blockchain technology. These companies have also created the Blockchain service for application development; Amazon in particular, has released frameworks for Ethereum and Hyperledger Fabric.
And in the UK, an art gallery held the first auction with cryptocurrencies in the world. This according to the platform Blockchain Maecenas, which will create tamper-proof digital certificates linked to works of art on the Blockchain.
Blockchain technology has previously been applied in the art sector to solve problems such as verifying providence, copyright, ownership, and valuation and authenticity of a piece. But now this market has expanded to actually paying for the pieces of art with cryptocurrencies.
As we have been saying recently, the digital financial market is still evolving, and we are at the peak of the learning curve, trial and error, applicability and usability, and as in any other market, the process needs time to mature and take off towards a new era.
By Omar Cortés