Bitcoin Recovers After A Hard Week

The Bitcoin-U.S. dollar has surpassed the $5,800 limit across global exchanges, meaning that the cryptocurrency has made a comeback, with a nearly 6 percent increase just in the last 24 hours, informs CoinDesk.

It seems that the failed launch of Bitcoin Gold is what drove investors to reallocate their funds back into Bitcoin. A weird twist of events, considering the fact that the hard fork is what initially determined users to seek for alternative cryptocurrencies, like Ethereum and Litecoin.

Bitcoin Gold, still scary for potential investors

Earlier this week, the development team of Bittrex came publicly and revealed that the codebase of Bitcoin Gold is incomplete and untested, increasing the skepticism surrounding the new cryptocurrency. And people listened to what the third largest cryptocurrency by trading volume had to say.

“At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market,” said the Bittrex team, according to CCN.

The Bittrex team added that crediting investors with the newly launched Gold at this phase of development would only ruin existing bitcoins. Just like other popular exchanges, Bittrex is concerned about the lack of replay protection surrounding BTG, especially when exchanges have issued warnings about the security and preparation of the Bitcoin Gold codebase.

No chances of going above $5,500 over the past days

In the past four days, the price remained below the $5,500 mark, even dropping below $5,300 at one point, but has made a somehow expected comeback. Now, the next difficult step is the SegWit2x hard fork on November 16, a move that could negatively affect the price of Bitcoin.

But until that happens, investors could expect a rose from the cryptocurrency, with billionaire investors including Mike Novogratz also revealing that a “herd of institutional investors” are entering the cryptocurrency market.