The price of Bitcoin reached an all-time high after another week of increases. In the past week, the Altcoins were still in a negative trend with the exception of a few coins showing growth, such as Bitcoin Cash, for example. Following the history of the previous forks that occurred recently, the upcoming fork has affected the entire market. Many of the investors and newcomers are strongly influenced by what happened in the previous fork and recent events, which strengthens their confidence in receiving a positive return after the fork is finished. We saw an example of this increase after the fork of Bitcoin Cash and also Bitcoin Gold. We expect to see this even after Segwit2X’s fork. In addition, with this history of forks we can predict what will happen soon. CME (an American stock exchange based in Chicago) adds to its financial instruments futures trading on Bitcoin, it will take place later this year.
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The impact of all the news and the forks led the Altcoins to a Bear Market, which led to very sharp declines. On the other hand, the situation does not seem so bad for some of the Altcoins, and it seems that there is another positive wave in this market. In previous years, toward the end of the year, the altcoins are usually unstable and nearing January the altcoin’s prices usually stabilize. It will be interesting to see if this year the events will repeat themselves.
Update regarding Bitcoin Gold: Testing network (Testnet) is currently under review, there is already trading in the future prices that have stabilized around $ 150.
Every day we get closer to the fork that is planned under the New York agreement. The fork is expected to take place around November 16th, when Bitcoin’s network reaches Block numer 494,784. Futures trading for the new coin created after the fork (Segwit2X) have already started in price of around 1300 $ now.
The current fork that we are anticipating to occur is different from the previous fork, because this time there are several factors that can affect certain things such as:
- Protection From a Replay Attack: it is not yet clear how it will develop.
- Who supports the fork? There are companies that support the NY agreement and some who denounce it.
- Where will the mining power concentrate and how much of the network will be affected by the fork and the transition of miners?
- If the network is indeed affected, will its speed be affected?
We will have to wait and see what happens. Our recommendations regarding the fork are no different from recommendations in the previous fork, but we will again emphasize that this time we recommend waiting and not taking action until it becomes clear whether the fork has passed successfully.
Another recommendation is to keep the Bitcoins in a cold storgae wallet where you have full control over the private key. Wallets such as:
For PC: Electrum / Bitcoin Core
Android: Greenbits / Breadwallet
For iPhone: Breadwallet
Or hardware wallets such as Trezor, Ledger Nano S, and so on.
* There is also the possibility of holding Bitcoin on the exchanges (and taking the risk of holding those coins on an exchange). This can give you a benefit and advantage on trading the new splitted coin before others, that will not be able to deposit or withdraw the coins because the network will be vulnerable to attacks.
In Bitcoin Cash’s fork, if you had Bitcoin held on Bittrex exchange than you had an advantage, and could sell Bitcoin Cash at record prices of 0.45 BTC for one Bcash!
It is very important to make sure that the exchange in which you hold Bitcoin supports the fork! The declaration of each exchange should be read in advance of the fork.
Cobra, a veteran activist in the well known Bitcoin Talk forum, suggested that if Segwit2X will be the dominant chain, a quick fork of Bitcoin’s original chain will be immediately needed in order to prevent a network attack, and also there will need to be a change to the mining algorithm and to call that chain Bitcoin. The scenario described is extreme, and will unlikely happen, but it is important to always be attentive.
What’s new this week in the world of Crypto?
A site that allows you to track and see which companies have withdrawn from the New York agreement. Goldman Sachs says the price of Bitcoin could rise to $ 8000. Another item on the same subject: CEO of Goldman Sachs talks about Bitcoin. An interesting article by WhalePanda, an old member of the global crypto community.
Sources of information about the upcoming fork:
Ledger’s announcement prior to the fork.
Bittrex’s statement ahead of Segwit2X
In the past few hours, there was a bug found (again) in Parity, an Ethereum multisig wallet, which caused hundreds of millions of coins to be locked.
Again we saw a new high, the rally came from the $6400 last week, up to $7590. A slight correction has taken place in recent days, which led to a drop to $6916. In recent hours the price has stabilized in the $ 7,000 area, but the rally is still here.
The price support of 0.05BTC has broken and has led to a strong drop in the low areas of the beginning of the rally in March of this year, where the floor price reached 0.037 BTC. Compared to the current floor level at a price of around 0.04 BTC.
Is there any way to get out of here if the price of Bitcoin continues in rally?
The price against the dollar is still around $ 300 and seems quite stable in recent days.
The coin’s price continues to rise from last week with slight corrections on the way and now stands at 0.085 BTC. Since the fork that created this currency, there has been an 80% increase in its value against the Bitcoin.
Against the dollar, the rate of the price rises with respectably to around the $600 mark. Anyone remember that the floor was $283?
Litecoin has had continuing declines since Bitcoin’s jumps over $5000. We returned to the values of April. Will we return from here to the floor? Looks like we’re right about there. In periods when there are forks, some people see Litecoin as a hedge for Bitcoin. The coin is traded around the price of 0.008BTC and resistance level is around the price of 0.01BTC.
Against the dollar, Litecoin is trading around $ 50 with 10-15% increases and decreases over the last period.
A new guest in our chart section due to recent interest in the coin. It seems that the price of Adex against the Bitcoin found support around 0.0001BTC and currently traded around 0.00012BT. In August this year, the price of the coin reached 0.00058BTC. Is there any chance of returning there? The price is currently around 0.00015BTC, from here it’s interesting.