The Bitcoin Gold futures market finds itself in an interesting position right now. After many people had given up hope that this airdrop would happen this year, we now know that it in fact took place on November 12th. As a result, many are hoping the value of BTG soars so high it may make people forget about SegWit2x altogether. With a 64% gain registered in the past 24 hours, there is a good amount of money to be made from BTG futures right now.
Bitcoin Gold Futures Are Soaring
It is not entirely surprising to see the price of Bitcoin Gold futures go up right now. Until a few days ago, no one knew for sure when and if this network would actually launch. Considering it was announced a while ago and no real progress has been made for weeks, a lot of people have given up on the concept of Bitcoin Gold. That will come to change in the very near future, though.
With the Bitcoin Gold network launching on November 12th, we will effectively have three different versions of Bitcoin competing with one another. That in itself is pretty remarkable, although a fourth one may be added before the year is over as well. There are many different opinions as to how Bitcoin should operate on the surface and under the hood. All of these visions have advantages and drawbacks. Only one of them can come out on top, though no one knows for sure which chain that will be in a few months from now.
One thing is certain: people have shown an increased interest in Bitcoin Gold futures again. This particular market has seen its own share of volatility over the past few weeks. With an initial starting price of over US$500, there was genuine interest in seeing BTG succeed. Unfortunately, the Bitcoin Gold futures market collapsed pretty quickly when it became evident this was not a real hard fork, but merely a completely different altcoin which will airdrop BTG to existing Bitcoin holders.
Over the course of the past two weeks, the value of Bitcoin Gold futures has dropped sharply. At the bottom, it reached US$111, which is far below the initial starting price. Even so, a free US$111 per Bitcoin held at the time of the blockchain snapshot for BTG distribution is still easy money. It turns out that the Bitcoin Gold coin may be worth a lot more in the next few days, assuming the team gets its mainnet running properly.
While the Bitcoin Gold futures market is not a real indication of the BTG value, it does provide some interesting information. Once people learned that this currency would launch on November 12th, we saw the futures price rise to over US$300 in short order. Although there isn’t much in the way of volume in this market right now, it goes to show the Bitcoin Gold airdrop may disrupt some of the momentum both Bitcoin and Bitcoin Cash are experiencing right now. How this all will play out remains to be seen, though.
For now, it seems some of the Bitcoin Gold futures markets are projecting a potential price of over US$400 per BTG. Although this seems unwarranted for a currency that has nothing to do with Bitcoin itself, there will be some good money to be made in the coming days. The final few months of 2017 will be pretty interesting for the cryptocurrency ecosystem overall, as a lot can change between now and December 31st. Things will look very different when we head into 2018; that much is almost guaranteed.