As the market is seemingly rather bearish on Bitcoin, it is not surprising to see alternative cryptocurrencies make a big impact. Bitcoin Gold, the hard fork few people seemingly cared about two weeks ago, has now seen an intriguing value increase. More specifically, the Bitcoin Gold price has risen all the way to $484. An interesting development, although it remains to be seen if this hard fork will ever gain any major traction other than for speculative purposes.
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 $450. When the actual coins became available, the altcoin was off to a good start, although it quickly became evident there would be a fair amount of sell pressure to contend with. This became even more apparent when the Bitcoin Gold price immediately plunged and struggled to remain above $200 for a few days.
Slowly but surely, things have turned in favor of the Bitcoin Gold price once again. Even this past week, we have seen some remarkable price stability at the $300 mark before the Bitcoin Gold price started making some big waves. In the last 24 hours, the Bitcoin Gold price successfully surpassed $350,m $400, and even $450 in quick succession. Finding stability after such major gains is a different matter altogether.
More specifically, the Bitcoin Gold price is now trying to remain stable at $440, but that will be quite challenging. A lot of people took profits once the value hit $450, which is 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 developments. This doesn’t mean there isn’t any upside potential for the Bitcoin Gold price, though, as reaching $500 is still possible.
With $490.8m 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 still attract a lot of positive attention from investors. Especially with the Bitcoin network struggling quite a bit, it is evident alternative solutions which solve most of these issues will be in high demand.
It is mainly thanks to the Bithumb trading volume we see such a spike in the Bitcoin Gold price right now. With $290m in volume and a price of $483.77, Bithumb is trading well above the market average. At the same time, we see Coinone value BTG at $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 trade it well below the average on Coinmarketcap. This situation has affected 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.