Bitcoin (BTC) spiked this week, reaching a high of $7,607.45 on Voyager. The rally came after BTC traded above its 50-day moving average for three consecutive days.
A new survey from Paxful also revealed that 50% of respondents believe a triggering event in the traditional financial system like the coronavirus crisis will drive people to Bitcoin. According to those surveyed, the two most common use cases for Bitcoin include real-life payments (69.2%) and to combat inflation and corruption (50.4%).
The data reveals a growing belief among American crypto investors that blockchain technology has the ability to replace or improve the traditional financial system.
At the time of writing, BTC was trading at $7515, a 6.8% increase over the last sevens days.
Altcoins also had a break-out week, with Digibyte (DGB) gaining more than 87%, Tezos (XTZ) + 31%, Stellar Lumens (XLM) +29%, and Cardano (ADA) +25%.
Cardano, Cosmos & Tezos Rate Above Bitcoin
This week, the Weiss Crypto Ratings ranked Cardano (ADA), Tezos (XTZ), and Cosmos (ATOM) above Bitcoin (BTC) and Ethereum (ETH).
The Weiss Crypto Ratings uses a model that considers thousands of data points on each coin’s technology, adoption, investment risk, and market momentum.
The upgrade comes to XTZ, ADA, and ATOM as they experience exponential price gains. Since the beginning of the year, Tezos, which is an open-source platform for creating smart contracts and building decentralized applications, has surged more than 100 percent. The price of XTZ has benefited from a string of positive developments, including the addition of new clients like Digital Transfer Agent platform Vertalo and trading system tZero.
This week, Cardano launched its long-awaited Daedalus 1.0.0 wallet, which the team says offers improved stability, security, and performance. The update seems to have renewed investor confidence in the project, with Cardano’s price surging 41% this month alone.
China’s Blockchain Push
China is leading the pack in blockchain technology, submitting more patents than any other country. Chinese e-commerce giant Alibaba and its subsidiary Alipay obtained 1505 blockchain patent petitions alone. Six other Chinese companies ranked in the top ten compared to only one U.S. company, IBM.
The data comes after Chinese premier Xi Jinping called for the country to seize the opportunity of blockchain technology in October. Since then, the country has stepped up to the challenge, revealing its plans to create a digital Yuan, which is set to launch by 2022.
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