The cryptocurrency market marked an increase of 21% in its total market capitalization, ending the week at $320 billion dollars. Amongst the crypto assets with the highest increase is ETH, reaching a price of $505, or with an increase of almost 30%. The price for BTC reached $8049, or an increase of around 15%.
We cannot yet say for sure if the sideways, almost positive development of the market recently will continue at the same pace. We can, however, certainly confirm that the last two weeks were very important for some institutional investors and bigger players that saw in this period a chance to regain their trust in the development of the market and to slowly develop their investment strategies. The increase of almost all crypto projects gave a number of fund managers the excuse to claim the bear market has ended and went on to make a series of bullish statements. Among them are Dan Morehead from Pantera, Tom Lee from Fundstrat and Tim Draper with his quarter of a million up to 2022.
At Belayer, we expect that the market will be developing in a positive way in 2018, and we also believe that we will witness new, even higher levels of trading of the projects in our portfolio. Sharp increases in the movement of the market such as this one are not a surprise, and they are linked to the seemingly unusual profile of the players in it.
One of the projects with the highest increase this week was Golem, which increased the price of its crypto token by 117% in the last 7 days. GNT is part of the portfolio of Belayer from the day of its creation.
The better part of the increase in the prices happened on Thursday when the capitalization of all projects rose by almost 10% for only 1 hour. This short period of time enters into history as the hour with the highest volume traded in the whole crypto history.
Golem released a beta version of their product
Golem is one of the early ICO-s of Ethereum that gathered 820 000 ETH, or the equivalent of 8 million dollars on the 11th of November 2016. Initially promoted as the "Airbnb of computers", the idea behind Golem is to give access to global, unlimited and decentralized calculating resources.
After two years of development, the Brass beta version of Golem is now available and works on the blockchain of Ethereum. For now, the only application of Golem will be to render 3D graphics, allowing its users to distribute the necessary processing power from Blender and LuxRender into the system of Golem. Everyone on the network cold rent their processing power and receive the proper amount due for their service in crypto.
The EU announced the start of a blockchain partnership
On the 10th of April, 22 member states of the European Union joined forces and will cooperate to establish blockchain regulations and blockchain education. The European Blockchain Partnership will be a driving force for the cooperation between the members and a place to exchange experience and expertise of technical and regulatory nature, so that the countries could successfully prepare for the launch of blockchain projects in all European states in the so-called Digital Single Market in the public and private sector. The partners see specific potential in the blockchain technology in case it is integrated into the Digital Single Market - an EU policy that aims at uniting all the digital markets within the Union.
We would like to point out that the European commissioner on Digital Economy is the Bulgarian MP Maria Gabriel.
"In the future, all public services will use the blockchain technology. Blockchain is an opportunity for Europe and the member states to reconsider their information systems, to promote the security of users and protection of personal information, to create new opportunities for business and to establish new forms of leadership that will protect the interests of citizens, administration and the private companies."
More information on the initiative that the Republic of Bulgaria is also taking part in could be found in the official press release.
The investments of companies in the blockchain technology will rise dramatically
According to information gathered by the International Data Corporation, the level of investments globally will increase with an average of 80% by 2021, reaching 10 billion. Last year only, the amount invested was almost 945 million dollars. Due to the sharp increase in the use of the blockchain technology in the financial sector, many investors also help the banking sector, which is expected to integrate blockchain in a successful and lucrative way in full accordance with the regulations.
According to the leader of the research, "2017 was the year of experimentation done by the cooperation, while 2018 will be definitive for them if they pass the test phase (proof-of-concept projects) to a concrete blockchain product.
Yahoo Japan buys 40% of a crypto exchange
Yahoo Japan will acquire a large share of BitARG, an exchange based in Tokyo that deals with the exchange of cryptocurrency and crypto tokens and is expected to offer its service at the end of the year. The news was released on Friday and is big for the Japanese market. We would like to remind the fact that Yahoo continues to be one the most widely used internet sites on the island, being on the fourth place in the amount of traffic and 40th in the world. Yahoo in Japan is one of the largest online platforms for auctions in the country. According to Reuters, who cites unofficial sources, the amount of the deal is between 20 and 30 million dollars. Recently, BitARG received a license from the Japanese government to be a platform for trading in crypto.
Yahoo's investment is not the first such move of the large business in Japan. Other crypto exchanges are also in the process of acquiring licenses from the local authorities and are also financially supported by known corporate giants.
Santander launches blockchain payment system
The European financial giant Banco Standander S.A. from the Santander Group became the first bank that is using blockchain for cross-border transfers. Santander One Pay FX is based on the mobile application Ripple that uses the xCurrent platform for international payments and is available for private clients in four countries after nearly two years of development. The service uses a decentralized register to conduct same-day transfers.
The xCurrent network does not support the use of XRP - Ripple's cryptocurrency.
Stay informed with the development of the blockchain industry and the cryptocurrency market. Subscribe to our newsletter here.
The news and other materials, published here, are for educational purposes only and do not provide recommendations or suggestions related to making deals with cryptocurrency, crypto tokens, smart contracts or other products of the blockchain technology. The products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) are not regulated or protected by the legislations of the EU or the Republic of Bulgaria at present. Deals with products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) have a high degree of risk.