The digital market session began on Thursday pointing downwards _ $221.02 billion USD _ although last week delivered the expected growth, gaining $13.05 billion USD compared to last Thursday, when there was a total capitalization of $207.97 billion.
On Wednesday, the market reached $233.20 billion USD, but a few hours later came the natural correction after topping out.
In the graph we can see the rising behavior throughout the week, showing an upward trend, with the possibility of surpassing the $250 billion in total capitalization in the short term.
Bitcoin once again reached the $7,000 mark; actually exceeding the expectations by fetching $7,113. Ethereum wasn’t far behind, peaking at $297 dollars, although it was trending downwards.
Ripple reached its highest point at $0.356084, while Bitcoin Cash peaked at $569.58 USD. In fact, the latter has maintained its value above the other digital currencies in the Top 10, except BTC.
EOS ($6.38) has also shown signs of recovery after losing momentum. And let’s keep an eye on Monero that, even though is not currently in the Top 10, still has an interesting trend in the market.
Although the market was mostly red, we must understand that is the result of a natural correction. There are positive forecasts for the next few days, when Bitcoin could settle once again above the $7,500 dollar mark.
Today is worth talking about the multinational financial institution JP Morgan Chase, which has adopted a duality between Blockchain technology and the cryptocurrency market they criticized for so long, ultimately leaning in favor of these financial developments.
Chase CEO, Jamie Dimon, said in December 2017 that Bitcoin would be slowing down soon, but the statement was a manipulation attempt to influence the value of the top cryptocurrency.
Nowadays, the multinational has put aside their critics, like the publication of the white paper for the private block chain platform Quorum, built on the Ethereum protocol.
JP Morgan now acknowledges the functionality of Blockchain technology, stating in the white paper’s first paragraph the following: “Though the design is simple, the solution preserves many of the key attributes of Ethereum such as ensuring every node on the network participates in and increases the overall security of the entire network while only revealing the details of private transactions to those party to the transactions.”
A year and a half after publishing the white paper on Quorum, JP Morgan began testing on the Blockchain with the participation of other renowned financial institutions.
Even JP Morgan’s Global Chief Information Officer, Lori Beer, stated recently that Blockchain technology will eventually replace the existing technologies in the financial sector.
“We will see greater and wider use of Blockchain […] In a few years Blockchain will replace the existing technology, today it only coexists with the current one,” said Beer to Cripto247.
JP Morgan admits that the Blockchain is one of the main topics spearheading innovation and experimentation issues, in addition to working with apps interface programming and Artificial Intelligence.
By Omar Cortés
Graphs: Coin Market Cap