Earlier in the day on Tuesday, October 24th, the price of Bitcoin drops below $5,800. This represents the first time the the the currency has dropped below that number since October 19th. The dropping price is notably due to the decline in support for the hard fork that occurred also on Tuesday, October 24th. This hard fork effectively split Bitcoin into Bitcoin and Bitcoin Gold.
Well this was happening the price of Ether, the currency that works on the Ethereum platform, has gone above the $300 line. With many suspecting another hard fork in the Ethereum market, the price Will continue to remain stable until any information is released on the truthfulness of that statement.
A report done recently was quoted stating that “in the mid-term, the success of the Byzantium hard fork and rapid adoption of the Ethereum network will allow Ether to rebound and recover in value.”
Many analysts and investors in the market have been quoted recently stating that the fork in the digital currency world that occurred to the largest cryptocurrency may result in the price dropping down for a short amount of time well people use their funds to other currencies in the market to safeguard their investments. The hopes are high than once the price of the new currency known as Bitcoin Gold, finds some stability, it will ultimately bring the price of both currencies back up.
An analyst at Blockchain Capital recently stated that “on the chart, the coins in the green are the ones that people rotated into when they moved out of Bitcoin following Gold fork.” This is in response to a chart that shows investments moving into alternative coins or alt coins as a response to the Bitcoin Gold hard fork that occurred. Hopefully the market will balance itself out and ultimately stabilize as investors become more comfortable with this idea.