Bitcoin Price Lingers Below $6k As Post-Fork Altcoin Rally Expected
Bitcoin is struggling to maintain its $6,000 highs as enthusiasm sputters and keeps prices around $5,800.
Bitcoin prices were back below $6,000 Monday amid talk of an imminent altcoin rally to shelve protracted losses.
Bitcoin’s honeymoon above the latest significant barrier remained chequered over the weekend as momentum appeared to cool.
After recrossing $6,000 several times, rates on the majority of exchanges were settling around $5,800 at press time with some volatility.
The move downwards has so far failed to breathe new life in altcoin markets, which have seen little by way of recovery or more in recent weeks.
As Bitcoin climbed from $5,000, investors broadly opted to continue stockpiling the virtual currency ahead of the two hard forks due Tuesday and Nov. 18.
Following the network snapshot for the first of the forks, Bitcoin Gold, money could quickly flow back into altcoins, traders are suggesting.
I reckon there would be some altcoin mini rally after the BTC gold snapshot in ~22 hours— Squeeze (@cryptoSqueeze) October 23, 2017
A repeat of the phenomenon could occur next month, when SegWit2x - a much more highly debated hard fork - comes into being.
Bitcoin Gold meanwhile, having remained largely undebated, is now receiving mixed reviews as exchanges and other parties give notice of their position.
Can't wait for #Bitcoin Silver, Bitcoin Platinum and Bitcoin Palladium.— WhalePanda (@WhalePanda) October 23, 2017
Bittrex has said it will credit users with equivalent Bitcoin Gold (BTG) balances while warning against the fork’s technological limitations. Others such as hardware wallet TREZOR have said tech improvements are necessary before support will be introduced.
A lack of replay protection is a particular aspect of both hard forks receiving attention from industry businesses reluctant to interact with new chains and credit users with coins where applicable.