Ethereum and Bitcoin have suffered in the last two days, with both the cryptocurrencies struggling to rebound after downfalls. Bitcoin dropped below the $5,700 mark, while its competitor Ether declined below the $300 region, confirms CCN.
Bitcoin saw its downfall start prior to the Bitcoin Gold hard fork, reaching a low of about $5,300, but managed to recover. However, in the past 24 hours, its price declined from $5,767 to $5,680.
Ethereum was supposed to go big, but…there’s a but!
In the mid-term subsequent to the Byzantium hard fork, Ethereum was expected to shine. But some misfortunes regarding the cryptocurrency market led the price of Ether to struggle to even hit the $300 barrier in the past week.
It’s pretty clear now that the Bitcoin Gold hard fork has had a direct impact on the price of Bitcoin. Many experts stated that a relatively large portion of users chose to take their funds from Bitcoin wallets and transfer them to alternative cryptocurrencies in order to avoid the change.
The reason? It had lacked strong replay protection before the fork, so the users decided to take the safer route. This aspect was vital for Bitcoin wallets and exchanges to credit users with Bitcoin Gold on a 1:1 ratio with Bitcoin.
Bitcoin Gold still needs additional support and backing
The problem now is that, even after the fork, the Bitcoin Gold development team failed in providing the necessary protection. This led to important exchanges like Trezor and Blockchain to publicly announce that they won’t support Bitcoin Gold.
“A completely non-existent fork, Bitcoin Gold token, is worth over $100 on Bitfinex. IT DOES NOT EXIST. No miners, no client, no wallet,” said Bitfinexed, a popular cryptocurrency blogger, on Twitter. This somehow confirmed the fact that Bitcoin Gold is not seen as an actual cryptocurrency, because it lacks hash power, wallets, miners, and a client.