Bitcoin Fork Cancelled, Alts Explode, Is Forking Antiquated?
Quick update: The planned hard fork of Bitcoin into an "upgraded" 2mb block version was publicly called off 8 days before it's execution time resulting in an extremely volatile reaction in the market for Bitcoin and a myriad of alt coins (alternative crypto currencies to Bitcoin). BTC first skyrocketing first from $7,200 to $7,900 and falling quickly where it is now at around $7,000, and alts quickly saw massive rises as the planned exodus out of Bitcoin and back into alts took place over a week early. Over the last month or so, a large amount of investors left their alt coin positions and piled into Bitcoin in order to receive the fork, but since it was called off, the dumping came early as everyone scrambled to regain their positions in cheap alts. With it, we saw 30%, 40%, 50% and even 90% price increases of popular alt coins within a matter of minutes and hours. Top bread-winners include: WALTON, OMISEGO, IOTA, NEO, SALT, VERTCOIN, ARK, LISK, SMARTCASH, STELLAR LUMENS, POPULOUS) As it stands, the fork has been called off, yet, there are still a large percentage of miners who are still signaling support for it. It may be that they are slow to remove their signaling and have no plans to go forward... We will need to keep a very close eye on this. I still fully expect Bitcoin's price to take a breather, as we saw it blast to all time high after all time high, and it is very far extended over all of its recent moving averages. What to keep an eye out for: In the next 30 days or so we should see a low put in for Bitcoin, as the focus is now on the alt market, in which case it would be advantageous to reposition in to ride the BTC rocket back up. With the CMEgroup adding BTC futures and mainstream adoption still chugging along, institutional money is soon to follow. Alt coins will continue to do well with various pumps and pull backs. It may be a great idea to get into these new, big-potential cryptos as they are still very early on and could produce wild gains as they release in 2018 (Tezos, EOS). Both of which are designed to avoid hard forks altogether by bringing self-governance and democracy to the chain. Bitcoin Cash is starting to appear like a clear winner in all of this, with its already 8mb block size, the recent fork of Bitcoin is already fast, already cheap to transact with and with no other competing big-block chain of BTC, may steadily increase or explode in value as it becomes inevitable that legacy BTC just cannot match the capabilities. We shall see. As always, buy the dips and hold good coins.
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