As the market is seemingly rather bearish on Bitcoin, it is not surprising to see alternative cryptocurrencies making a big impact. Bitcoin Gold, the hard fork few people seemingly cared about two weeks ago, has since risen all the way to US$484. It’s an interesting development, although it remains to be seen if this hard fork will ever gain any major traction outside of speculation.
Bitcoin Gold Price Surpasses $440
When the Bitcoin Gold futures markets were opened to the public, it seemed this altcoin would easily surpass a value of US$450. When the actual coins became available, the altcoin got off to a good start, although it quickly became evident there would be a fair amount of selling pressure to contend with. This became even more apparent when the Bitcoin Gold price immediately plunged and struggled to remain above US$200 for a few days.
Slowly but surely, things have turned around for Bitcoin Gold. Just in the last week, we have seen some remarkable price stability at the US$300 mark before the Bitcoin Gold price started making some big waves. In the last 24 hours, the Bitcoin Gold price successfully surpassed US$350, US$400, and US$450 in quick succession. Finding stability after such major gains will be a different matter altogether.
More specifically, the Bitcoin Gold price is now trying to remain stable at US$440, but that will be quite challenging. A lot of people took profits once the value hit US$450, which was only to be expected. Minor dips can often trigger a shockwave of sell-offs in the cryptocurrency world, and it is doubtful Bitcoin Gold will be immune to such a development. This doesn’t mean there isn’t any upside potential for Bitcoin Gold, though, as reaching US$500 is still possible.
With US$490.8 million in 24-hour trading volume, there appears to be a genuine demand for BTG. Although people can almost invest in anything at random and expect a profit right now, it is evident the recent Bitcoin hard forks attracted a lot of positive attention from investors. Especially with the Bitcoin network struggling quite a bit, it is evident alternative solutions that solve most of those issues will be in high demand.
It is mainly thanks to the Bithumb trading volume that we have seen such a spike in the Bitcoin Gold price. With US$290 million in 24-hour volume and a price of US$483.77, Bithumb is trading well above the market average. At the same time, we are seeing Coinone value BTG at US$794.99 right now. It is evident this skews the actual value of BTG quite a bit, although most holders will be pretty happy with how things are progressing right now. Fiat currency gateways are vital for any cryptocurrency these days.
How all of this will play out for the Bitcoin Gold price in the coming days remains a bit unclear. There’s certainly a good amount of trading volume, but the Western exchanges are trading this coin well below the average on CoinMarketCap. This is the case for most altcoins right now, which is not necessarily a positive trend. One could argue Western traders simply don’t want to make good money, but that would be overstating things.