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Although most people would not expect it, the Bitcoin Gold price is rising out of the blue. Thanks to the strong Bitcoin momentum, all of the top currencies have appreciated in value over the past few hours. Right now, the Bitcoin Gold price sits at $254.79 again, which represents a 15.05% increase over the past 24 hours. 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 some surprising developments. Especially 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 BTC has declined steadily. However, the past few days have mounted 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 $326 all the way down to $199.6. Considering how this altcoin is another Bitcoin hard fork, it is not entirely surprising to see it garner far less success compared to Bitcoin Cash. At the same time, very few people have claimed their BTG balance, as we pointed out a few days ago. Despite all of the 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 the futures launched last night. Whether or not the Bitcoin Gold price can sustain this momentum, remains to be seen, though. After all, it is still an altcoin with no real unique factors or use cases we can’t access through more established cryptocurrencies.
Bitcoin Gold has a total trading volume of $251m 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 those numbers 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 market again. This will also impact the Bitcoin Gold price, assuming such a dip would occur in the first place.
Unsurprisingly, Bithumb is the go-to place for Bitcoin Gold trading right now.This platform controls nearly 60% of all trades, which can become a very big problem. Then again., it hasn’t hurt any of the other altcoins which see a lot of volume from that exchange either. Bittrex is in second place and Bitfinex completes the top three. It’s interesting to see two fiat currency pairs in the top three, as it indicates fresh capital is entering the cryptocurrency world as we speak.
It remains unclear what the future holds for the Bitcoin Gold price. For an altcoin with no real unique features or appealing use cases, it is doubtful big price changes need to be expected in the future. 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. How all of this will play out, is anybody’s guess at this point.
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