The bitcoin prices continue their recovery from their lows and are now trading comfortably above the $6800 region and looking good for more. As we have been seeing many times over, the prices have always tended to bounce back from the lows even during the worst of times and we are seeing a similar price action this time as well as the bounce continues from below the $6000 region and now it threatens to break through the $7000 region as well. This has happened in a matter of a few days as the effect of the cancellation of the hard fork and the effect of the migration of miners and investors begins to wear off.
Bitcoin Prices Continue Higher
Of course, the fact remains that the traders are still a bit jittery about what the future holds for bitcoins. The stakes have become simply too high for bitcoins to fail in the medium or long term but at the same time, the network continues to be in the hands of a select few at this point of time and the effect of that is beginning to show through. So far, there has been consensus among them which has helped the network to survive but as the industry grows, we are seeing cracks beginning to appear among them and this is not only affecting them but the bitcoin industry and the network as a whole is being affected.
The Ethereum market has clearly picked up some traction since the cancellation of the bitcoin fork and it shows that some of the miners and the investors could have migrated to this network in the hope of better stability and returns as well. The prices are now trading above the $330 region and seems to be moving in tandem with the bitcoin prices at this point of time.
Looking ahead to the rest of the day, we expect the price recovery in bitcoin and ethereum to pick up steam in the short term and considering the pace of the price moves in the ETH market, it should not be a surprise if the ETH prices begin to hit the $400 region pretty soon.
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