The recent dip in mainstream markets due to trade tensions could be just the beginning of more disruption ahead. Bitcoin reacted like a safe haven asset and climbed 9%, creeping over the $11,000 mark once again around mid-July.
The fact is there continues to be improved sentiment towards the major cryptocurrencies and new developments, with major players now wiser and more ambitious.
Not just Facebook’s Libra project, but also Fidelity, the financial services titan setting up its own unit, along with the crypto-focused Bakkt venture involving Microsoft and Starbucks.
While Bitcoin may now be proving itself as a strong contender for an alternative to gold, pushing down ‘altcoins’ with less utility, there will be some that will see renewed price increase too.
Cryptocurrencies vary considerably, with their own unique technical attributes, governance issues and challenges, so uncertainty increases when attempting to identify the networks that are attracting the most investment or utility.
One network platform that has suffered with Bitcoin’s recent gain is EOS, but this could change with the advent this year of a new product, a social network, called Voice, which Block.One has been working closely on.
Monetized, decentralised apps – dapps – are still working hard to achieve widespread, sustained usage beyond gambling and trading games, so perhaps personal, unified social ‘spaces’ on EOS is for now a good bet to demonstrate the many advantages of blockchain.