The bitcoin prices are on the path to recovery once again after falling by more than 20% over the weekend on the back of the cancelled bitcoin hard work. This crash was followed by the migration of many miners and investors to the alternative bitcoin cash market which accelerated the drop in the bitcoin prices and in turn hiked the prices of bitcoin cash which soon overtook Ethereum as the second largest cryptocurrency in terms of market cap. Though this is clearly a setback for the main bitcoin market and shows how the market and traders are still uncertain about stability of the network and the industry as a whole.
Bitcoin Prices Reach $6600
The bitcoin industry has faced a quite a few roadblocks and challenges this but this setback is of a different kind as it is more of their doing rather than any authority putting up the block and that is why it is even more difficult to deal with. The bitcoin insiders really need to find a way out of this mess that they appear to have created by cancelling the fork and keeping the markets guessing. Not only does it affect the confidence of the market, it also places the industry at risk as no one seems to be clear on how future expansions to the network, which is key for growth, would be handled. So far, the prices have managed to claw their way back to $6600 but it remains to be seen how soon the prices would return back to their highs.
The fall in the prices in BTC have helped the other cryptos to gain more attention and this has been helping them to move higher. The effect of this can be felt in the ethereum market as well as the ETH prices have been rising since the cancellation of the fork and now trades just below the $320 region as of this writing.
Looking ahead to the rest of the day, we expect some consolidation in both the BTC and ETH markets for the day as the traders adopt a wait and watch approach to see how the situation develops in the short term.
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