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Bitcoin Briefly Transcends Alibaba After Skyrocketing Above $34k

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Bitcoin underwent a correction to $30,215 shortly after smashing a fresh all-time high on the 12th anniversary of its network being created. With this, the world’s premier crypto-asset went on to break several other records as well. One of the most prominent ones has to be Bitcoin surpassing Chinese multinational technology company Alibaba.

According to AssetDash’s chart for ‘Top Assets by Market Cap’, the leading cryptocurrency briefly crossed Alibaba to score the top 8th position on the ladder. During this short-lived tryst, the cryptocurrency went on to challenge the US electric vehicle giant, Tesla which was seated at the 7th position.

As Bitcoin broke $30k, Jim Bianco, popular macro strategist, tweeted,

“*BITCOIN EXTENDS RALLY TO TOP $30,000 FOR THE FIRST TIME. Bitcoin first passed $20,000 on December 16, and $25,000 on December 26. Now over $31,000 50+% gain in less than 16 days! Bitcoin makes TSLA look like it is standing still.”

Having quadrupled in terms of its price during 2020, the crypto began 2021 with a bang as it breached through the $30,000 mark for the first time ever, in fact, in less than three weeks ago to be specific, after first trading above $20,000. Just four days into 2021 and BTC has already exhibited an extension of its mainstream recognition, which might be held as a guarantee for a long-term bullish trend.

The latest pullback of more than 12% over the past day, from a market cap of over $636 billion to the current $563 billion drove the cryptocurrency to the 10th position. However, it continued to rank well above the financial service giants such as Visa and Mastercard.

Will Bitcoin be able to resume this?

It is very likely that Bitcoin could be, in the coming days, will be able to take over Alibaba once more. The very reason why it seems plausible is that more and more anxious institutions and corporations are on a buying spree of more and more BTC. Hence, the scenario for not just BTC but also the collective crypto market cap is getting more bullish by the second. It is not just the high-net individuals that have played their part, the retail FOMO was also important in this rally.

It is not just Bitcoin that reigns in the charts..

Apart from Bitcoin, the only other cryptocurrency that was found among the top 100 assets by market cap was Ethereum. Thanks to its overwhelming rally of 15% over the past 24-hours, the altcoin made it to 93rd position just above the British multinational investment bank and financial services holding company, HSBC Holdings.

China Witnesses Blockchain Technology Come to Forefront as Merchants Port, Alibaba and Ant Group Collaborate Together

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Blockchain technology has gradually begun to make inroads into several industries, from manufacturing to distribution. Although it was thought earlier that only the West dabbled in blockchain, it is now clear that countries such as China and Singapore have also made their mark in the sector.

Main businesses have been using blockchain technology to create a more sustainable and seamless supply chain, according to recent reports from China. Recently it was revealed that China’s port operator China Merchants Port, Jack Ma’s Alibaba, and Ant Group will begin work on new strategic cooperation.

Country reports stated that the partnership between the three organizations would be aimed at promoting port directives as well as using the internet to conduct business. The on-chain contract which Alibaba and Ant Groupo have created is expected to work in a fully contactless fashion. This will also ensure no one or organization can tamper with the blockchain data.

Xi Jinping and his cabinet made it clear that the country should use blockchain technology to improve normal functions and adheres to that ethos with the latest move. The integration of blockchain technology will also make China Merchants Port the “world’s first digital port based on the blockchain” open collaboration network. China sees the Port as an integral part of its trading machine, with the intention of embarking on the digital sphere with all participants.

The collaboration between the parties will include the features of the individual entities. Blockchain technology will be used to ensure the full port business link is open to customers. The target market will include buyers, sellers, logistics, taxes, customs, and bank insurance that is all-important. The system set up by Ant blockchain plays a major role, as large data movement is expected to be cumbersome.

Speaking about the collaboration, the General Manager of China Merchants Group Hu Jianmhua stated:

“China Merchants Port, Alibaba and Ant Group will jointly build an open and interconnected digital port logistics ecosystem, provide overall port logistics solutions, and interconnected digital port logistics ecosystem, provide overall port logistics solutions, and use first-class management and technology for the logistics chain, supply chain and industrial chain. We will also p[rovide first-class platform services to empower traditional trade and port logistics.”

Many financial experts in China believe that the latest move will determine the longevity of the industry in the country. One silver lining is that country and its ruling party has both put their weight behind blockchain technology. Only time will now tell how effective the collaborations will be with the whole world observing it for effective results.

China oversees upcoming Yunnan Blockchain Center, Alibaba part of initiative

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Blockchain technology has taken off in a number of regions around the world. Apart from being applied to a number of MNCs and agencies, technology has now entered the field of practical applications in countries like China.

Just recently, the Chinese newspaper Xinhua News Agency reported that the Yunnan Blockchain Center had been established in Kunming on March 15. This setup comes as proof that China was serious about the decentralized sector.

The center is located in the Kunming Wuhua Science and Technology Park, a budding area for new technology companies. The Yunnan Blockchain Center will focus on promoting applications of blockchain technology as well as the concept of an ecosystem that revolves around it.

Another main reason for the establishment of the center was that China was ramping up its footprint in the cryptocurrency industry. Sources close to the center’s development have said that the first batch of 24 domestic and foreign enterprises include Alibaba Technology and Hangzhou Quchain Technology.

The blockchain center is expected to build a network where consumers and clients can monitor products to their exact location and time. Beijing based blockchain-as-a-service [BaaS] provider Uni-Ledger will be another member of the new blockchain center.

This will include traceability of Yunnan green food, electronic medical record information sharing, blockchain electronic vouchers, and tracking cross border e-commerce products.

The organization also plans to look into blockchain supply chain finance as well as judicial depository evidence. Developers from the Yunnan Blockchain Center expect the operation to be of gigantic proportions and have developed the Peacock Code to keep up with it.

The new code will work on the same principle of maintaining the traceability of the blockchain. According to the developers, the code will upload information on all commodity circulation links. This feature is set to help with anti-counterfeiting and keeping transactions safe.

Yunnan is typically known as an agri-producer in China, exporting items like tobacco, tea, sugar, and coffee to different parts of the world. The province has been slowly experimenting with blockchain for some time now as evidenced by the blockchain-based invoice for tourist attractions. During a blockchain forum held in July 2019, Yunnan talked about a blockchain-based system that tourists could utilize to submit applications for invoices.