“…those who predicted Bitcoin’s death spiral because of a lack of ‘scaling’ solution, were wrong…”
Bitcoin is back above $7500 as I write this after an enormous bout of volatility surrounding the failure to implement a protocol upgrade known as “Segwit 2x.”
Segwit 2x was designed to improve Bitcoin’s functioning in real world applications.
There was a classic pump and dump over the next 48 hours that saw Bitcoin spike to nearly $8000 and then collapse to $5500.
But, as things have shaken out, we’re seeing that those who predicted Bitcoin’s death spiral because of a lack of ‘scaling’ solution, were wrong.
In my last article on Seeking Alpha from a couple of weeks ago, I talked about the ‘thinness’ of Bitcoin’s initial move above $5000. But, now it’s different. Coins like Monero {XMR}, DASH and Zcash {ZEC} are at or near all-time highs. Litecoin has moved up from a low near $50 to $63 dollars. Bitcoin Cash {BCH} has quadrupled as the main beneficiary of the Segwit 2x chaos.
On the other hand, the Platform Assets have been a mixed bag. These are the cryptos that issue tokens based on smart-contract platforms that are not necessarily mined into existence.
Ethereum found support near $280 and is trading in the $320’s, still 20% off it’s all-time high. EOS, however, exploded off of a base near $0.51 and continues to rally past $1.50. NEO is still base-building between $25 and $30. STEEM has collapsed below $0.90.
Source/More: The Foundation Of The Next Cryptocurrency Bull Market | Zero Hedge
