Interesting article. I own several types of cryto currencies and noticed that most of them have been beaten down in the past week or so after huge run ups. I think that sell offs are natural after large rises and just part of the cyclical nature of cryptos at this time. They are volatile because there is alot of greed coupled with fear in this market .

While I don't disagree with some of your points, I do not believe that bitcoin was ever intended to be a transactional currency., but instead a store of value (like gold) as a hedge against fiat currency devaluation. It is still as viable a currency for this purpose as it ever was. The very slow transfer speeds coupled with the high fees took bitcoin out of the running as a every day currency.

As far as other cryptos, at this time, they tend to follow the trend line of bitcoin because there are many ignorant investors who are throwing money into the crypto market as if it were a slot machine. Many do not understand the underlying value of the coins they invest in, invest more than they can afford to lose, and then panick when they see bitcoin value go down, which results in a cascading sell off of other cryptos.

I still see an upside for bitcoin as a store of value, and several other currencies like ripple and lumans as transactional coins, as well as ether.