Segwit2x canceled

Markets Go Green As Segwit2x Is Cancelled

The Altcoin sellout seems to have ended as markets turn greenish. This follows the dissolution of the controversial Segwit2x hard fork.

Earlier on Wednesday, Mike Belshe, chief executive of BitGo and project director for SegWit2x, declared that the contentious Bitcoin protocol upgrade had been halted considerably as a result of lack of consensus. The Hard Fork which intended to increase Block size to 2 Mb was scheduled for November 16.

Many have hailed the move as one in the right direction. Akin Fernandez, who is one of the ardent opponents of the move has referred to it as “anti-Bitcoin, and the people supporting it couldn’t articulate why they’re doing it. Most of them were being misled and have made an honest mistake because they trusted bad oracles”.

Market Response

Altcoins which have been declining based on more money entering into Bitcoin in an anticipation of buyers getting free coins after the fork began to upsurge in value. Bitcoin immediately experienced a slight fall in price from the $7400 to the $7100.

The uncertainties surrounding the split have subsided as more energy are now being breathed into many altcoins. Market response is so delightful looking at how its reflection is at the moment.

At the time of filing this report at 14:00 GMT+2 on Thursday, apart from Bitcoin, only two cryptos on top 10 were down with losses. Bitcoin Cash and Litecoin, the former which have seen a terrific growth both last and this week shed 0.99 and 0.69 percent sequentially.

The biggest winners at the moment at top 10 are Blockchainless IOTA with 31.73 percent to at number 10 as NEO bags 21.54 percent. Bitcoin actually sank 4.63 percent but it is too early to make any meaningful conclusion.

On the top 100, only 10 Coins are in the red. Notable growth is recorded by 13th ranked Vertcoin with 43.21 pumps.

Moreover, Waves is up 36.01 percent and Ark is exhibiting 33.65 percent swelling rate. Moreso, Ethereum Classic which enjoyed a wonderful time last week has lost top 10 status but was slightly up with 0.02 points at number 11.

Did the fiasco of Segwit2x bring a new blood to the market? Well only time will tell, but for now, all is well for cryptosphere and once again our detractors will have to walk with their heads bow down in shame.