The price of Ethereum and bitcoin have declined in the past two days, with the bitcoin price struggling to rebound beyond the $5,700 mark and the price of Ether dipping the $300 region again.
According to the cryptocoins news, the price of bitcoin has increased since plunging to $5,300 prior to the Bitcoin Gold hard fork, over the past 24 hours, the price of Bitcoin declined from $5,767 to $5,680.
Like bitcoin after the disappointing release of Bitcoin Gold, Ethereum was expected to sustain its upward momentum in the mid-term subsequent to the Byzantium hard fork. But, primarily affected by a series of minor corrections of the cryptocurrency market, the price of Ether has struggled to surpass the $300 mark in the past week.
It has been evident over the past week by the trend of the bitcoin price that the Bitcoin Gold hard fork has had a direct impact on the short-term price trending of bitcoin. Experts including highly regarded bitcoin developer Jimmy Song noted that prior to the Bitcoin Gold hard fork, a relatively large portion of users migrated their fund from bitcoin wallets and exchanges to alternative cryptocurrencies (altcoins) to avoid the Bitcoin Gold hard fork.
The majority of investors and traders were seeking to avoid the Bitcoin Gold hard fork because it had lacked strong replay protection before the fork, which is necessary for bitcoin wallets and exchanges to credit users with Bitcoin Gold on a 1:1 ratio with bitcoin. But even after the Bitcoin Gold development team has failed to deliver on their promise and have not implemented any sort of replay protection.
Consequently, wallets like Trezer and Blockchain have not been able to provide support for Bitcoin Gold deposits, withdrawals, and trading.
More to that, at this phase of development, it is difficult to justify whether Bitcoin Gold is an actual cryptocurrency because it lacks hash power, wallets, miners, and a client.
Analysts such as Bitfinexed, a popular cryptocurrency blogger, stated:
As the bitcoin market recovers and restructures from the controversial Bitcoin Gold hard fork, it is likely that the price of bitcoin will be able to rebound in the upcoming days, at least until the SegWit2x hard fork scheduled for November 16... Several investors like Tuur Demeester emphasized that a similar trend as Bitcoin Gold is expected around mid-November, as bitcoin investors could potentially migrate to other altcoins to avoid the fork.
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