It’s been an exciting week for all the parties involved in the digital asset market, which finally showed some improvement after weeks of steady declines.
Las Thursday the market had a total capitalization of $245.05 billion USD, but later that same day it registered its first spike, winning $6.67 billion within an hour, and stayed on an upward path until Wednesday, when the total market capitalization reached $299.93 billion USD, its best mark since June 11.
That same day, the market went on a slight correction and, by the moment of writing this article on Thursay morning, the market’s total capitalization was of $292.34 billion USD, for a total gaining of $47.29 billion in just one week.
However, that growth wasn’t reflected this Thursday on the Top-10 cryptocurrencies, because of the slight correction on the early hours that turned the market red.
Bitcoin was trading once again in the range of the $7,500 USD, a possible sign that the long expected increase for the “Queen” of cryptocurrencies might come sooner rather than later.
Some global news shows some positive signs for the digital assets market.
For example, Barry Silbert, CEO and founder of the venture capitalist Digital Currency Group, said during the Delivering Alpha Conference in New York on Wednesday, that “"I think we’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week.”
“As an asset class it is here to stay… I’m 100% confident a decentralized, non-fiat form of money is here to stay”, added Silbert, according to reports from CNBC.
In other news, the tech giant IBM backed a token named “Stronghold USD” that will have 1-on-1 parity with the U.S. dollar. This cryptocurrency was launched last Tuesday on the Stellar Blockchain platform.
“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”
In addition, the IBM informed of a partnership with Columbia University to open the Columbia-IBM Center for Blockchain and Data Transparency, for entrepreneur students, teachers and members of the start-up community, according to the Reuters news agency.
We can easily see that Blockchain technology and cryptocurrencies are gaining ground with each passing day, with more companies joining this disruptive technology because consumers and providers worldwide have benefited, having found a faster and safer alternative to fiat currency, credit and debit cards and even wire transactions.
What this Blockchain-based economic models, cryptocurrencies and tokens offer is an easy and safe way for people to make payments and trade currencies among companies.
By Omar Cortés