One of the most significant effects of hard forks on cryptocurrencies is the effect on their monetary value. Depending on the outcome of a hard fork, the price of a cryptocurrency may rise or fall.

When a cryptocurrency successfully adds new features to its protocol via a hard fork, the price may rise as investors flock to the platform and users want to hold. It demonstrates that the community is committed to the project's long-term success. A crypto network that hard forks to add features like DeFi or NFTs, for example, may see an increase in the network activity, which may result in a price increase.

A hard fork, on the other hand, may not always be well received by the market because malicious actors may use it to conduct "pump and dump" scams. As a result, investors are sometimes skeptical of it and may opt to avoid it or sell their coins if they have already invested in the project.

In conclusion, hard forks can cause price increases when users believe the project will deliver and developers deliver as promised. When the market is skeptical about the fork and the reasons for it, it can cause a price crash.