Bitcoin Still the World’s Top Currency, Even After Hard Fork
Bitcoin had an impressive third quarter in 2017, performing the best among all cryptocurrencies. This performance comes in spite of a tumultuous summer, which saw a lot of things go wrong for Bitcoin — including a contentious hard fork.
Bitcoin Leads the Pack During the Third Financial Quarter
According to CNBC, Bitcoin was the top performing cryptocurrency during the third quarter of 2017.
In contrast, during the second quarter, altcoins dominated, with Ethereum as the top horse — increasing over 500 percent of its original worth and hitting an all-time high.
This time around it was Bitcoin’s time to shine, growing over 74 percent compared to Ethereum’s 8 percent growth, Ripple’s 26.9 percent decline, and Litecoin’s 36.4 percent growth rate over the same period.
This data suggests investors are pulling back from altcoins and reinvesting in Bitcoin, seeing the smaller coins as overvalued after their “super rally” early this year.
Charlie Hayter, CEO of CryptoCompare, told CNBC just as much on Friday:
“There was risk in the altcoins, people thought they were overvalued and cycled back into bitcoin as a more sensible store of value.”
Another Possible Hard Fork Looms
Bitcoin’s resurgence as the top performing crypto comes at a relatively difficult and chaotic time for the currency.
China’s increased regulatory burden combined with the possibility of a second hard fork, triggered by the first part of the Segwit scaling solution, gave rise to a degree of uncertainty around Bitcoin.
Despite all of this, Bitcoin has rode the uncertainty back to the top of the charts and reasserted itself among investors as a safer store of value than other, smaller cryptocurrencies.
However, some chatter has started up again about the scaling debate, as the implementation of the 2nd part of the Segwit2x solution nears next month.
As the date draws nearer, it seems more people are fighting to stop the “2X” part of the Segwit2X solution from activating. And without renewed infighting, another contentious hard fork is possible.
The source of this continuous debate is that SegWit supporters typically oppose big blocks and vice versa — big blockers generally dislike SegWit.
This dynamic sets up a scenario in which Bitcoin does not get both the SegWit and 2X solutions, creating a showdown between a SegWit-only Bitcoin and a big block Bitcoin Cash for supremacy as the one true king of cryptocurrency.
What do you think of Bitcoin’s performance in Q3 of the 2017 fiscal year? Let us hear your thoughts.
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