- The estimated price of Bitcoin Gold could range from $0 to as much as $2900
- Bitcoin (BTCUSD on xStation5) continues grinding higher after a successful test of a support zone
- Dash (DSHUSD) could be at a tipping point given a technical view
There is no doubt that the recent excellent performance of Bitcoin could have stemmed chiefly from rising demand in anticipation of a fork. In this scenario traders would be credited with free money in form of Bitcoin Gold, however everybody scratches its head what’s the price of the new cryptocurrency. Notice that the estimated price could determine a discount seen in the genuine Bitcoin, hence it may set the bar where traders can be willing to buy BTC. Having said that estimation of the price of Bitcoin Gold isn’t an easy task, for that reason prices differ markedly.
According to coindesk.com most industry observers surveyed don’t expect the project (Bitcoin Gold) to compete with Bitcoin or Bitcoin Cash, predicting its market capitalization would likely be similar to less valuable networks. This belief seems reflected on exchanges, where BTG tokens traded for a high of $2900 on Bitfinex, before dropping more than 96% to $97 on Tuesday. By Wednesday, prices stabilized at around $137, order books are heavy with sell orders in available markets though which could depress the price going forward. To sum up, the Bitcoin price could be driven by changes of quoted BTG tokens at least in the short-run.
Meanwhile Bitcoin is slowly but surely moving higher but it may run into a significant resistance at $5800. Nevertheless, if that resistance is beaten, it could open up room for an increase up to $6170. Source: xStation5
Dash seems to be one of the most interesting digital currency beyond Bitcoin right now. The price has broken through an upper boundary of a descending channel of late but has failed to continue marching higher. Indeed, sellers have been able to take the price down towards a key support zone which is underpinned by a broken limit of a channel. Thus once buyers are capable of staying above the mentioned level, a move to the upside might be on the cards where $350 could be seen as a strong resistance line.
Other news related to cryptocurrencies worth looking at:
- Russian entrepreneur has plans to create a product line of high-quality vodka named “Bitcoin”, “Ethereum” and “Ethereum Classic”.
- The governor of the United Arab Emirates (UAE) central bank has criticized Bitcoin by deeming it an unofficial currency lacking supervision which is easily used in money laundering.