SegWit2x Lives On?? - Daily Analysis - 11/9/17
General Daily Trends
Bitcoin
Bitcoin was one of the only cryptocurrencies in the red today, down between 2% and 4% throughout the day. The high for today was around $7,469, and the low about $7,101. The market cap dipped slightly below $120 billion at a few points around the day, but recovered quickly. Bitcoin’s market dominance is down over 2% today, as other altcoins see growth up to 30%, while Bitcoin sees a slight decline.
After the SegWit2x fork was cancelled (this will be discussed more shortly), Bitcoin spiked to a new all time high of $7,737, before falling back down more than $600 within hours.
Now that SegWit2x no longer has the support it previously had, it is certain that Bitcoin Core (1MB) will retain dominance through November 16th. This opens the door for continued slow growth. I expect Bitcoin to reach, and stabilize over $8,000 before the end of 2017.
Bitcoin Cash
Bitcoin Cash, like many other altcoins, saw huge growth today, up almost 7.5% at the time of writing. The cause of this is likely Rodger Ver’s announcement that Bitcoin.com, his mining group that holds over 0.7% of Bitcoin’s hashpower under its direct control, will be going all in on Bitcoin Cash if the fork fails.
I’m hodling my BCH for now. With this new announcement, and the full backing of Bitcoin.com, we can break $700 for the first time since August, and start seeing sustained growth. If other miners begin to switch as well, this could be a very good investment.
Etherium
As predicted, Etherium recovered very quickly from the Parity incident, and pushed up to $326 today, with its first significant rally in nearly a month. The price will probably correct soon, however, returning to around $300.
As Etherium users consider a hard fork to get back the $300 million lost in the Parity incident, however the price could become increasingly volatile, though the fork (if it happens) would likely be very popular among the community.
Notable Altcoins/Tokens for Today
NEM - Up 10.5%
IOTA - Up 15.5%
CARDANO - Up 27%
POPULOUS - Up 26%
BITSHARES - Up 19.7%
SIACOIN - Up 29%
RAIDEN NETWORK TOKEN - Up 71.76%
Major Events/Miscellanious
SegWit2x Called Off - But Might Still Be On?
This occurred yesterday around midday. Some of the major leaders pushing for the SegWit2x fork announced that they would no longer be supporting the hard fork, expected to occur in only 7 days.
However, some groups still claim that the fork will still occur. Specifically Bitpico, a little known mining group that claims to control over 30% of the hashrate. They announced that “backing down the difficulty right now is a strategy. Wonder why 30% network hash-rate disappeared? It’s ours; the miners that will continue what is set in motion. A handful of humans cannot stop what they have no control over.”
Honestly, nobody really knows who Bitpico is, or how/if they have as much hashpower as they claim to have. Some speculate that Bitpico is a new group, composed of miners and individuals who lost money in SegWit2x Futures, as its value crashed down over 85% after it was announced that the fork would be called off.
30% of hashpower is still enough to do some serious damage to Bitcoin’s transaction speeds and fees. So essentially, while the fork was officially called off, it may still be happening.
Bitcoin.com Goes All in on Bitcoin Cash
Rodger Ver’s Bitcoin.com, the most notable supporter of both the Bitcoin Cash fork and the SegWit2x fork, has announced that, if SegWit2x fails to go through, they will turn all of their resources towards Bitcoin Cash. This is huge news for not only the Bitcoin Cash community, but for Bitcoin Core as well - if Bitcoin loses 0.7% of its hashpower, as is expected to happen, it could start a trend of miners moving towards Bitcoin Cash. And, Bitcoin.com’s full support for Bitcoin Cash will invariably boost the price a ton, as already seen today.
Further Reading
https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html
https://news.bitcoin.com/bitpico-claims-segwit2x-still-alive-despite-evidence-contrary/
Final Note
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