Bitcoin recorded a low of $5,374.60 on Wednesday before recovering with a $300 rose afterwards. But the newly-created Bitcoin Gold wasn’t so lucky, with its value going down 66 percent, informs CNBC.
After the cryptocurrency registered another split, people started considering other alternatives for their funds. Although Bitcoin underwent a similar situation back in July with Bitcoin Cash, this time things are having a rough start.
A massive value decrease, registered by Cash
Bitcoin Cash hit an all-time high of $914.45, but has fallen steadily to just above $330. If we were to compare Bitcoin and Bitcoin Cash furthermore, we would see that the total value of the main cryptocurrency in circulation is $93 billion, while Bitcoin Cash is just over $5.5 billion.
But returning to Bitcoin Gold and its issues that need a quick solution. Many major cryptocurrency exchanges have not begun trading in Gold yet, while others have announced that they won’t support the new project.
Add the fact that investors have begun getting rid of the cryptocurrency, not wanting to be involved with the newly-created coin. As announced, everyone who owns Bitcoin will receive Bitcoin Gold, but is now trading at just over $161 per coin, so the value is kind of rubbish.
Users can become confused by so many versions of the cryptocurrency
“These forks are very bad for bitcoin. Saturating the market with different versions of Bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins — since you can always fork it and double the supply,” said Sol Lederer, blockchain director at Loomia, in an emailed statement Tuesday.
Still, other experts consider that the fork isn’t such a bad idea. Bob Summerwill, chief blockchain developer at Sweetbridge, a company creating blockchain solutions, said on Tuesday that when a crypto-community has irreconcilable differences is wise to go on separate ways.