Ethereum and Bitcoin Price Decline Again; Major Factors For Mid-Term Recovery Joseph Young on 28/10/2017

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The price of Ethereum and bitcoin have declined in the past two days, with the bitcoin price struggling to rebound beyond the $5,700 mark and the price of Ether dipping below the $300 region again.

Although the price of bitcoin has increased since plunging to $5,300 prior to the Bitcoin Gold hard fork, over the past 24 hours, the price of bitcoin declined from $5,767 to $5,680
It has been evident over the past week by the trend of the bitcoin price that the Bitcoin Gold hard fork has had a direct impact on the short-term price trend of bitcoin. Experts including highly regarded bitcoin developer Jimmy Song noted that prior to the Bitcoin Gold hard fork, a relatively large portion of users migrated their funds from bitcoin wallets and exchanges to alternative cryptocurrencies (altcoins) to avoid the Bitcoin Gold hard fork.

The majority of investors and traders were seeking to avoid the Bitcoin Gold hard fork because it had lacked strong replay protection before the fork, which is necessary for bitcoin wallets and exchanges to credit users with Bitcoin Gold on a 1:1 ratio with bitcoin. But, even after the fork, the Bitcoin Gold development team has failed to deliver on their promise and have not implemented any sort of replay protection.

Consequently, wallets like Trezor and Blockchain have not been able to provide support for Bitcoin Gold deposits, withdrawals,and trading.

More to that, at this phase of development, it is difficult to justify whether Bitcoin Gold is an actual cryptocurrency, because it lacks hash power, wallets, miners, and a client.

Analysts such as Bitfinexed, a popular cryptocurrency blogger, stated:

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