Unfortunately, the digital asset market continued its losing trend this week, reaching a low point of $186.41 billion USD of total capitalization, compared to last Thursday’s $205.90 billion.
There was a slight recovery after the plunge and, at the moment of writing this article, the market had a total capitalization of $200.47 billion. This behavior means two losing weeks in a row, after reaching the $239.26 billion mark at the beginning of September.
Although the cryptocurrency Top 10 registered some gains, it’s been a week with very few trading opportunities. Bitcoin returned to the $6,500 USD mark, while Ethereum kept falling, reaching this week its lowest point at $171 USD, although it later bounced back to the $203 mark.
Ripple also extended its losing streak, settling at $0.279620 USD. Bitcoin Cash fell surprisingly under de $500 level, reaching a low point of $414, recovering some ground later and settling at $457 USD.
EOS bucked the trend and this Thursday close with some improvement compared to last week, reaching the $5.30 mark.
We’ve been talking for a month now about the sustained growth of Monero, which this week reached the 9th position, with a $114 USD value.
We can expect some recovery in the next few days, but the safe bet is the market won’t get back to the $239 billion USD mark in the short term.
In related news, the World Economic Forum (WEF) provided the vision for Blockchain and the new commercial era.
The White Paper offers a joint initiative of supply chain and shipping industries, and ways to encourage the future of investment and international trade.
According to the estimates provided in the WEF’s research, the current trade finance gap equals roughly 10% of global merchandise trade volumes representing $1.5 trillion USD worth losses.
International trade and global value chains have been crucial to the wealth of certain countries and the reduction of geopolitical tensions. However, there is so much more to be done. The outdated processes are a huge obstacle for small and medium size companies and the trade with emerging markets.
Convert the paper documents to electronic formats and apply tools and smart technologies helps to close the trade gaps and improve the processing times at the borders, especially for small companies and businesses based in high-risk developing countries.
To sum up, the Blockchain protocol has been adopted by countless organizations and companies as the revolution toward a new technologic and financial era begins.
By Omar Cortés
Graphics: Coin Market Cap