Ethereum Up, Bitcoin Down – Trustnodes

Ethereum Up, Bitcoin Down

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Ethereum has slightly risen today from $289 to $293 with the currency largely moving in a sideways direction on a somewhat longer time frame.

While its trading volumes have fallen to just $260 million, the lowest it has been since we can remember, as the market seemingly ponders which way to move.

Ethereum’s price action over the past 24 hours.

But maintaining that trajectory is somewhat notable because bitcoin has been falling in the past 24 hours, down around $200 from $4,400 to $4,200.

While its trading volumes remain at a somewhat usual level of $1.1 billion during the past 24 hours.

Bitcoin’s price during the past 24 hours.

Other currencies have largely tracked bitcoin down, with Bitcoin Cash seeing a fall of nearly 10%, down to $360. But ethereum appears to be resisting a downwards move, registering a slight gain for much of today.

The mood in ethereum also appears to be slightly bullish in preparation for the metropolis hardfork, with the client now released.

In bitcoin, the mood is somewhat different as the blockzise matter has again returned to take prominent position in almost all bitcoin talking fora.

The coders of the two development teams are now in a show of skills as clients are locked out and camouflaged in preparation for the November hardfork.

But the uncertainty appears to have dampened the mood slightly with bitcoin traders seemingly leaning bearish in their Technical Analysis (TA).

It is unclear at this stage whether the network should expect any disruption. 1x supporters are strongly resisting the hardfork, with Blockstream’s CEO going so far as to call 2x supporters “enemies” of bitcoin.

The highly charged emotional language is uttered just days into the campaign, with at least four more weeks to go of bickering as bitcoin decides its future trajectory.

Although there have now been two instances of controversial hardforks for the two major currencies, it is difficult to extrapolate much because the two sides now appear to be equally matched in some ways.

In other ways, segwit2x retains the support of almost all bitcoin businesses and miners, with only Blockstream loudly advocating against it.

But Blockstream includes many skilled bitcoin coders who could cause some havoc if the other team is unable to meet the challenge.

All of which might be to the benefit of ethereum as bitcoiners leave for safer heavens, but whether that will indeed be the case, or something very different, remains very much to be seen.

 

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