What began as a positive crypto asset news week has slowly lost its momentum, leaving the market as a whole down over the last seven days.
Sporadic spikes have livened things up a touch, with prices jumping more than 4.5% on aggregate in a two-hour window last Sunday, which in turn produced a weekly market cap high of 138.5 billion US dollars (USD).
Since then, however, prices have dwindled across the board, shaving around 16 billion USD from the aforementioned cap leaving it at roughly 122 billion USD today.
Market Papa Bear, Bitcoin, is leading a long and slow trek towards recovery following the festive slump and now boasts a coin value of 3,666 USD. Whilst this is nowhere near its pre-Christmas form, BTC has achieved the kind of stability that will help settle the wider market as well as reinforce its reputation as a potential store of value for the world economy of the future.
The ongoing tussle for second spot was edged this week by Ripple, whose price actually sank over the seven days whilst still managing to overtake its nearest rival, Ethereum. Having lost about 6% of its value over the past seven days, XRP conjured the tiniest of gains (0.13%) in the last 24-hours to guarantee its place at the foot of the throne.
As you can probably imagine, Ethereum has had a week to forget. An aggregated loss of 15.52% hung around the neck of Vitalik Buterin’s creation and the weight dragged it into the third place spot where it remains today. Each Ether is worth a mere 125 USD and hopes of a new year’s rally for the dApp platform seem more misjudged by the day.
If the crypto market isn’t volatile enough for you, then you can always try Vegas where numerous local authorities are rolling out blockchain projects for adminstrative purposes. Washoe County has trialled a program that stores marriage certificates on the Ethereum network and Elko is is doing the same for birth certificates. Viva Las Vegas!
In Sweden, the Netherlands and India, plans are in full swing to digitise and democratise national land registries using the blockchain and back in the US, NASA has published a paper outlining,
“an open source permissioned blockchain framework to enable aircraft privacy and anonymity while providing a secure and efficient method for communication with Air Traffic Services, Operations Support, or other authorised entities.”
Mattereum’s Vinay Gupta espoused the true utility of blockchain at the Crypto Challenge Forum in London last year as being in the establishment of trust where there would normally be none, saying that, “basically it’s a good technology for putting into dirty places.”
Finally, at the Israeli Bitcoin Summit this week, crypto legend Nick Szabo seconded that emotion when he argued that;
“There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds…a more trust minimised solution is cryptocurrency.”