Summary:

  • UBS finalizes first test of its new blockchain-based payment platform

  • Ripple (RIPPLE on xStation5) approaches a $0.87 mark

  • The value of ICOs conducted in the first quarter of 2018 surpassed the one of all ICOs in 2017

Majority of the most notable cryptocurrencies experienced a jump in price throughout the last 24 hours causing the market capitalization of all coins to surge to $365 billion, according to the CoinMarketCap.com. The reason behind the rapid price growth could be another major bank finalizing first tests of new blockchain-based platform for the cross-border payments. Let us recall that at the end of the previous week Santander has launched a Ripple app that enables immediate international payments causing the coin price to surge. At the end we will analyze data provided by the CoinDesk suggesting that the crypto hype may be far from over.

Global banking giant UBS informed on Thursday that the first tests of the new blockchain-based finance platform, that the company developed in cooperation with IBM, were finished. The platform named Batavia managed to successfully conduct two pilot trades, one concerning sale of cards from Germany to Spain and the other one concerning sale of textile raw materials from Austria to Spain. Apart from conducting payments the platform, thanks to the smart contracts, is also able to form agreement and connect suppliers, buyers and financial institutions acting as a middleman.

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Ripple continues its bull run surging to $0.86 handle. Source: xStation5

Taking a look at the major cryptocurrencies one can see that the Ripple is the top mover today. Let us recall that following a Santander’s announcement Ripple price surged from vicinity of $0.48 to $0.70. After consolidating for a while between the support at $0.618 and resistance at $0.70 the coin resumed its upward march with price jumping yesterday towards $0.86. Price action may occur in the area around $0.87 handle as it was the floor of the short term consolidation range from the turn of February and March. A clear break above this barrier may herald a longer lasting upward movement that may take the coin as high as to $1.18 where the 23.6% retracement level of the early-January slump can be found.

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The value of 2018’s ICOs has already surpassed the value of all ICOs conducted throughout 2017. Source: CoinDesk

People who think that the cryptocurrencies have lost its interest among investors following a crash on this market at the beginning of the year may be surprised by the CoinDesk research. According to the data collected by the website the value of all ICOs in the first quarter of 2018 amounts to around 118% of the value of all ICOs conducted throughout whole 2017. A stellar $6.3 bln raised thanks to this new method may suggests that ICOs may be the preferred way for start-ups to acquire initial funding in the future. Another interesting fact is that the value of an average ICO is increasing as the number of ICOs conducted in the first quarter of 2018 amounts for around 58% of the number of 2017 ICOs.