Finally, the new fork in the bitcoin industry is done and dusted and it remains to be seen whether this is going to be one in a series of forks in the bitcoin history. The last one was in August which led to the creation of the new bitcoin cash cryptocurrency and though there was initial apprehension during that period as to its overall effects on the main bitcoin, the market has been able to quickly digest that and move ahead to be even stronger and more mature with time. This time, the new fork has led to the creation of bitcoin gold.
Ahead of the fork this time, bitcoin prices retreated to below $5500 as traders were worried about the effects of the bitcoin gold on the main bitcoin market and there was also the general worry on whether a lot of bitcoin miners and investors would migrate away towards bitcoin gold. This has been a common theme during every fork and more than whether the fork would be successful or not, which the bitcoin developers have managed very well this time and the last, the more important concern has been whether the bitcoin industry would get diluted as a result.
But the bitcoin market has been known for its resilience and every time it has been presented with a challenge, either in the form of a fork or in the form of regulations and crackdowns, the industry has only grown stronger with time, so much that now, even some of the central bank leaders have not been averse to talking about it in public. We believe that these forks are a healthy sign for the market as such as it shows that the developers and investors are ready to make changes and adapt themselves to the environment that they work in. Bitcoin investors also believe that it is important for the industry to survive, rather than taking a rigid stance and allowing the industry to die a natural death. This was the message that came through during the last fork in August and we believe that this message will ultimately shine through this time as well.
Bitcoin gold is trading in the $115 region at this point of time and it is still early days a yet. It is likely to take a few days for the bitcoin gold market to pick up liquidity and volatility and find out its own place in the cryptocurrency world. It remains to be seen how much of traction it would be able to attract and it would be deemed a success if it can maintain a position in the top 10 as far as market capitalization is concerned. On the other hand, bitcoin investors and traders are likely to wait for a few days to see the full impact of this fork and once they are convinced that the worst is past and that this fork has been as successful as the previous one, they are likely to start driving prices once again, but with a watchful eye on the next upcoming fork in November.
There is not much gap between now and then so it remains to be seen whether investors would drive the price through the highs again or whether the market would consolidate for a few days as it awaits the next fork.
Bitcoin is trading at $5556.5, up +0.65 as of 11:00 GMT.
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