The bitcoin prices continue to make progress over the last 24 hours and now are trading just shy of the $4900 region as of this writing. It is pretty obvious that there are loads of traders who are waiting for the prices to break through the all time highs and the $5000 region before they begin another round of buying in the bitcoin market which is then likely to push the prices even further higher in quick time. It has indeed been a grand turn around in the prices of bitcoin ever since it was knocked down by the ban on ICOs and bitcoin exchanges by the Chinese a few weeks back. Even the spectre of the upcoming hard fork has done little to dampen enthusiasm.
Bitcoin Prices Moving Higher
The fork is scheduled to take place in November and it is expected to increase the size of the network and also lead to a split in the network which would create a new type of bitcoin. Of course, there could be a battle between the 3 currencies (bitcoin, bitcoin cash and the new one) on which is the real bitcoin but for now, the traders and the investors do not seem to be too much worried about it. Also, as an aside, it would be interesting to see if there is any relationship between the dollar weakness and strength and the bitcoin prices as we believe that there would indeed be some kind of a relationship.
Over the last couple of weeks, as the bitcoin prices have been heading towards the all time highs, the ethereum market has been the poor cousin and has been unable to join the party. These 2 markets usually move in tandem and hence it is a bit of a surprise that ETH is lagging behind. One of the reasons could be the fork in the ETH market that is scheduled to take place next week and since it is the first fork for this market, the traders are a bit apprehensive on how it would pan out.
Looking ahead to the rest of the day, we are likely to see the bitcoin prices challenge the all time highs sometime very soon and it would be interesting to see how the prices would react when it gets to that region. A breakout from there is a real possibility and if and when that happens, we should see a quick move. On the other hand, we expect the ETH market to continue to lag and trade in a slow manner.
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This article was originally posted on FX Empire
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