Cryptocurrency

Cryptocurrency Markets Still Strong After the DAO Attack

In the cryptocurrency world, many within the vast and diverse sets of communities have been steadily focused on Bitcoin and the Ethereum networks. But what about the other altcoins following the massive rise of BTC and are steadily trying to earn their keep in the markets? Lots of them are doing just fine.  

Also read: Why PayPal’s Venmo is Beating Bitcoin in P2P Payments

Alternative Cryptocurrency Markets Feed Off Bitcoin’s Flourishing Economy Every Time

bitcoin cryptocurrencyBack in 2013, during the Bitcoin price rise which topped $1,150 per BTC, the once second place altcoin Litecoin gradually reached a high of $50 USD per LTC.

With so much emphasis on BTC, ETH, and the latest DAO attack, people have missed the fact the Litecoin and other altcoins have done so well. Last night, before the DAO incident, the price per LTC touched $6 USD and the following dip was less severe than that of the other coins people are focused on.

Litecoin definitely took a hit during the overnight, but rests at $5.50 USD per token and is seeing a significant rebound at press time.

Other cryptos, such as Ripple, Dash, Lisk, Maidsafe, Monero, and even Doge have seen increased value since Bitcoin’s bull run.

After the DAO attack, many cryptocurrency enthusiasts from various venues reflected upon on their own projects and communities.

Litecoin supporters feel they have had a healthy rise as of recently, and left a reminder today from creator Charlie Lee, which is currently the top thread on the r/litecoin subreddit. Charlie Lee’s commentary reads:

“If a theft happens on top of the network, the developers will not fork the coin to reverse any transactions. It is up to the market to decide on how to handle the theft.”

Litecoin cryptocurrencyOne commenter writes in the LTC forums, “Remember the last time litecoin got hacked? You can’t, cause it never happened. The second most secure blockchain for the win.”

Throughout the madness of the past couple of weeks, the steady rise of digital currency capitalizations has turned the entire group of 706 cryptocurrencies into a $14 billion USD cap. The top twenty of all of the token markets have seen significant lifts minus Factom, which seems to be the only one untouched by Bitcoin’s flight.

Day traders have loved the volatility, as these times are perfect opportunities to sell at higher costs and pick up more when the markets drop.

It seems while visiting multiple forums the rest of the 705 cryptocurrency communities are celebrating the attack on the DAO and calling the Ethereum protocol “Rekt.”

Early this morning on the subreddit r/bitcoin, the entire front page was filled with people celebrating. However, there have been some cryptocurrency supporters saying the attack is bad for crypto in general, and have associated the loss with Mt Gox.

cryptocurrency twitterCurrently, Bitcoin is still doing good and rests at $740 per BTC, and most of the other coins are still siphoning its fuel.

Even Ethereum has rebounded from its overnight low of $15 USD and, as Vitalik Buterin has mentioned, there may be a solution to the problem. 

The moral of the story is cryptocurrencies are still standing strong, and there are typically growing pains along the way. Additionally, in these stressful times, people often forget the history of rollbacks and hard forks. 

“There can be no birth without pain, no initial foray into the unknown without some setback.” — Emin Gün Sirer, Thoughts on The DAO Hack, Hacking Distributed

With that said the crypto-experiment continues, and the best way to move on is to keep going ignoring the FUD.

What do you think about the current cryptocurrency markets? Have you been paying attention to other altcoins? Is the DAO attack good for Bitcoin and cryptocurrencies in general? Let us know in the comments below.


Images courtesy of Pixabay, and Wiki Commons.

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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.