While it sometimes may feel impossible to really tell where this industry of cyrptocurrency is going, one thing is for certain this week. It has shown no signs of slowing down. Even though the behemoth coin Bitcoin's cancellation of segwit2x threw a lot of people off, it seems that it has yet to have a rippling effect on the altcoins.
Bitcoin remains the hallmark of coins. Because of its popularity and acceptance by general society, when it is seen as a quick way to make money, people get interested. Right now people saw the effects of segwit2x on the market. Any pumps in Bitcoin, especially large ones like this, will not go unnoticed by the general public. The public's faith in currency is what gives it value at the end of the day. Seeing the ripple effect of segwit2x on the altcoins is a very positive signals for investors who are more heavily involved with cryptocurrency.
While it could be said that this rise is price could be attributed to the Bitcoin pump alone, it would be ignoring the huge technological progresses a lot of alt coins are making right now. Bitshares is starting to gain traction by its partnership with OpenLedger which has now caused a worker proposal for representing the Great China area.
Don't count any altcoin out. You'll be seeing a lot of green hopefully in the near future as the people who invested money into Bitcoin look to place their money and trust in other up-and-coming coins.
November 11, 2020
@fraywire works on Blox as the website admin. He sees the potential cryptography technology has for future businesses.