To put it simply, the markets are trying to find their footing. Cryptocurrency markets are largely based on speculation. An example we can see clearly with the recent BCH rise.
Though the more advanced technology is already in place, people tend to gravitate toward what they know. However, in some cases; as we just witnessed, when investor confidence rises as a group (as we saw with the recent BCH rise) people begin to be willing to jump ship for the newer better technology.
As many have stated before, it is indeed a big tug of war, with the middle being a pit which sooner or later, one of the two will fall into. On the one hand, people are tired of the extravagant fees posed by the outdated blockchain of bitcoin classic, and on the other hand, it has developed a reputation of being a safe long term bet, a money maker.
Until recently, there was no real danger in having your money in BTC. But with this recent market confusion, and quick drop swap, people are taking action and seeking out other avenues.
This is a good thing for the crypto world. Diversity and competiton make things better, in fact with the limited ability to update bitcoin classic, logic would say that we should move to a newer system rather than be afraid of it. I am not a proponent for getting rid of bitcoin classic (I love it just as much as the next person.) But having other options open is a positive. For example, over the last week I have done a few transfers, and have paid over $100 in fees. This is just from moving relatively small amounts of BTC around.
Ultimately, through this confusing market, the product will be clarity at the end. I think and sutely hope that in 2018, we will see more establishment. Less shoddy ICOs made by a single user, and more devoted groups who have a plan in place. One thing is for certain, we will see some great contenders rise to the top 10 of coinmarketcap who began to establish themselves in 2016-2017.
I would encourage you to take the time to look at these few coins if you haven't yet. I am not a promoter, just someone who thinks these projects are worth a close look and some serious consideration.
Omise Go (OMG) Great team with already established company and amazing plans for everyday integration in the future. (Already signed with some big names such as McDonald's and more.)
Stratis (STRAT) Though theyve had some bumps along the road, the technology behind the coin is very good. This kind of thing takes time to prove and establish itself though, because right now, the majority are trading solely based on market movement.
HALO platform (HALO) Keep an eye on this. It is possibly the hub of all crypto. Add friends, community, a marketplace, exchange, calculator, portfolio, all in one software platform. Between this and steemit, youll have everything you need. This project just finished its ICO, with the wallet launching Dec 1st. If you missed the ICO, try to get in when it hits the market, because i can almost garauntee the price will rise quickly.
As we have learned in the past, especially this week, its not wrong to have faith in a project, but DIVERSIFY. Don't put all your eggs in one basket, especially if you have a lot of eggs to carry.
Thank you for reading this, and if you enjoyed it or found it helpful, please feel free to upvote as I am new to steemit.
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STOPI think your nearly right...