The Bitcoin price saw a five-day low today, dipping below $5,800 for the first time since October 19, proving that the news of the upcoming Bitcoin Gold hard fork weren’t too well received by the market, informs CCN. Meanwhile, the price of Ether has passed the $300 mark, making a strong recovery, and definitely putting a big smile on the faces of those who bet on it this summer.
Still not at $6,000, but for how long?
Week-on-week, BTC is up 3.3 percent, while on a monthly basis, it’s up 55 percent, but why hasn’t it hit the $6,000 mark, as expected? Industry specialists believe that the upcoming Bitcoin Gold hard fork has caused the price of the cryptocurrency to stay behind its usual track, while traders decide what to do next. But it’s very likely for this mark to be surpassed in the near future!
Blockchain Capital’s Spencer Bogart, a former head of research and Needham and Co., thinks that traders are now choosing alternative cryptocurrencies, although holders were promised that they would be credited with Bitcoin Gold in 1:1 ratio by most exchanges and wallets such as Trezor and Bittrex.
But the Bitcoin Gold still has to figure out a strong replay protection to ensure bitcoin holders can receive Bitcoin Gold safely and, until this happens, the process of retrieving Gold could lead to losing funds and most exchanges don’t want to take such high risks.
So the fact that many users, traders, and investors chose to spread their funds across other altcoins shouldn’t come much of a surprise.
Ethereum is starting to regain lost territory
And while Bitcoin is struggling a little, Ethereum is making a comeback, with the price of Ether reaching $311, its first strong moment since September. In the upcoming weeks, the price should spike to $350, given the fact that Ethereum has executed its Byzantium hard fork, second-layer solutions like Plasma are waiting to be integrated, and decentralized applications are starting to know commercial success.