Although most people did not expect it, the Bitcoin Gold price has risen out of the blue. Thanks to Bitcoin’s recent gains, all of the top currencies have appreciated in value over the past few hours. Right now, the Bitcoin Gold price sits at US$254.79, which represents a 15.05% increase over the past 24 hours. It’s an interesting trend to keep an eye on; that much is evident.
Bitcoin Gold Price Surges a bit
In the world of cryptocurrencies, it is not hard to come across surprising developments. When it comes to the Bitcoin Gold price, things are evolving in an unexpected direction. After the initial hype surrounding this altcoin quieted down a bit, the value of BTG has declined steadily. However, the past few days have seen a small surge, although we are still a very long way away from seeing a new all-time high Bitcoin Gold price.
Over the past seven days, the Bitcoin Gold price has dropped from US$326 all the way to under US$200. Considering that this altcoin is another Bitcoin hard fork, it is not entirely surprising to see it achieve far less success than Bitcoin Cash. At the same time, very few people have claimed their BTG balances, as we pointed out a few days ago. Despite all of these hurdles, it seems this altcoin is not giving up just yet. Whether or not it will ever have real value remains to be determined, though.
Right now, the Bitcoin Gold price is moving up, but so are the values of all other cryptocurrencies. Everyone is piggybacking on Bitcoin’s price rise since its futures launched last night. Whether or not the Bitcoin Gold price can sustain its current momentum remains to be seen. After all, it is still an altcoin with no unique features or use cases we can’t access through more established cryptocurrencies.
Bitcoin Gold has a total trading volume of US$251 million over the past 24 hours. That is a more-than-solid amount, as a fair few top 10 cryptocurrencies don’t even come close to that number right now. It almost seems as if everyone is holding their breath to see what the future will hold. Any sign of Bitcoin price weakness will trigger a massive sell-off in the altcoin markets once again, impacting the Bitcoin Gold price.
Unsurprisingly, Bithumb is the go-to place for Bitcoin Gold trading right now. This platform controls nearly 60% of all trades, which could become a very big problem. Then again, it hasn’t hurt any of the other altcoins which see a lot of volume on that exchange. Bittrex is in second place and Bitfinex rounds out the top three. It’s interesting to see two fiat currency pairs among the top three markets, as it indicates fresh capital is entering the cryptocurrency world as we speak.
It remains unclear what lies ahead for the Bitcoin Gold price, though it’s doubtful big changes are coming. Stranger things have happened in the world of cryptocurrency, though, and we may see some major shakeups in the next six to twelve months. For now, there seems to be some interest in this altcoin, which is a positive start.