Segwit2x Cancelled, Bitcoin Reaches another All Time High!

Bitcoin reaches a new all time high and closes in on $8000 as Segwit2x fork has been cancelled!! According to an email post from the companies representing the planned upgrade will not happen. The reason given is that the development team believes the need for on-chain scaling will become obvious as network fees become higher.

As I stated in my October 14th article, now is still the time to be buying altcoins to include Bitcoin Cash. Expect the Bitcoin transaction volume to keep increasing causing network fees to explode higher. It would not be surprising to see the value of Bitcoin Cash increase once it is realized that not having onchain capacity is confusing to new and problematic for existing users. The Bitcoin Cash network is an easy switch for any vendors or platforms looking to switch to a more frictionless payment system with fees that are fraction of a cent.

If you took my advice and started to accumulate altcoins you would have effectively been buying at the bottom and posturing yourself for the upcoming altcoin runup. In light of the recent fork cancellation expect money to start going back into altcoins as I felt the reason for Bitcoin's recent price rise was due to people looking to get a Bitcoin dividend when the fork happened having the same amount of coins on both chains. While Bitcoin may continue to rise having a diverse portfolio of altcoins will prove to have a higher return.

If you like this post please follow me.
http://www.cryptocoach.cc