Bitcoin Slides, Bitcoin Cash Sets High and Bitcoin Gold Goes Live

It's been a big few days in cryptocurrency since the announcement to abandon the SegWit2x hard fork. A lot has happened in regards to Bitcoin and the two altcoins, Bitcoin Cash and Bitcoin Gold, that exist due to previous hard forks of the Bitcoin blockchain.

Bitcoin initially spiked to a new high above $7,800 shortly after SegWit2x was called off. This was followed by a slide down to as low $5,600. While there has been a $1,000 price recovery since then, the market still appears to be bearish, at least in the short term.

No doubt, some who invested in Bitcoin in order to get free SegWit2x coins cashed out. Once the price started to fall from the high, panic selling ensued, which only helped to fuel the drop. If the price falls further, then hopefully $5,000 will act as support from which it can bounce to new highs. If instead, the $5,000 support level doesn't hold, then it has been suggested by trading and risk analysis expert, Tone Vays, that the price could possibly retrace all the way to $1,350. This is a previous high that was never retested.

Bitcoin Cash, on the other hand, went parabolic, and for a short time it surpassed the market cap of Ethereum to become the second largest cryptocurrency. South Korean demand was particularly high, to the point where Seoul-based exchange, Bithumb, suffered a server outage as it failed to cope with trading volumes.

Bitcoin Gold went live on November 12. Those who held Bitcoin at the time of the block snapshot can now check how much Bitcoin Gold they will receive at BitcoinGold.org via the balance check box on the home page. That website is also the place to find information on how to mine Bitcoin Gold.