There is no such thing as a boring day in the cryptocurrency world. Not all of the developments turn out the way most people would like, though. After a few positive days, it now seems most markets will go in the red once again. There are still a few exceptions, but it seems to be a matter of time until that trend reverses. Especially the Bitcoin Gold price is taking a massive beating as we speak.
Bitcoin Gold Price Faces Major Setback
It is evident there is both positive and negative momentum in the cryptocurrency industry as of right now. These past few days showed signs of semi-bullish momentum after a major dip. Today, it seems most markets are in the red over the past 24 hours, with a handful of exceptions in the top 50. The Bitcoin Gold price is one of the biggest casualties of this sudden bearish mood, resulting in a near 20% decline in value. This is not entirely surprising, giving the recent Bitcoin Gold price pump.
To put this into perspective, Bitcoin Gold is one of the least successful Bitcoin hard forks to date Compared to Bitcoin Cash, BTG is nothing out of the ordinary whatsoever. Even so, the Bitcoin Gold price has seen its fair share of success, even surpassing the $500 value at one point. The trend since reaching that all-time high has been mainly bearish, though, as the currency offers nothing innovative.
This did not prevent speculators from attempting to manipulate the Bitcoin Gold price, though. More specifically, after the dip to $5 the Bitcoin Gold price returned to $155 all of a sudden. There is no apparent reason for this trend other than piggybacking on the overall positive Bitcoin price momentum. In the past 24 hours, that Bitcoin Gold price has dipped to $128 again and will continue to decline for some time to come.
With $77.19m in 24-hour trading volume, there is no real demand for Bitcoin Gold either. It is not entirely uncommon in the altcoin world right now, though, as most of the top 15 markets have seen far less trading volume than one would expect. Even so, the Bitcoin Gold price has dipped by 19.82% because it is seemingly too easy to dump through order books as there is a lack of proper buy support. There’s also a 17.56% decline in value against Bitcoin, which is not really surprising.
Most of the Bitcoin Gold trading volume comes from the Bithumb exchange. Considering how we see three Korean exchanges in the top three, it only further confirms the Western world has little to no interest in this Bitcoin hard fork. South Korea represents nearly 68% of all BTG trades right now, which means the actual demand is even lower than Coinmarketcap depicts right now.
For the time being, it remains unclear where this negative market momentum comes from. After all, there is no real reason for the markets to correct their valuation again so soon. Then again, we have seen a strong increase in prices earlier this week, and a small dip seems pretty much inevitable at this point. For the Bitcoin Gold price, it seems dipping to $100 is not entirely impossible, although it remains to be seen how the markets will respond later today and tomorrow.