Bitcoin Gold price prediction will BTG reach $ again?
Background check: a bit about Bitcoin Gold
Bitcoin Gold (BTG) is a fork of Bitcoin (BTC), and just like Bitcoin Cash (BCH), it came to life in While Bitcoin Cash was created due to the disagreement among community members about how to deal with the scalability issue, Bitcoin Gold emerged for a different reason.
Back in mid, some community members believed that Bitcoin mining was not democratic enough. With the growing prices, a new wave of traders and investors started to enter the industry, and with them also came miners.
Until that point, you were able to mine BTC with a simple GPU, with no need to spend thousands of dollars on specialised mining equipment, such as ASICs. However, those who could afford them, quickly realised that ASICs were powerful tools that could give them an advantage, and so more people started purchasing them, and taking over the BTC mining industry.
As mentioned, a portion of the community did not like this, and they thought that this would be Bitcoin's doom, which is why they decided that a hard fork that would change Bitcoin's Proof-of-Work algorithm from SHA to Equihash was the solution.
This marked the birth of the Bitcoin Gold coin — a new cryptocurrency that still, to this day, allows users to mine with GPUs, thus restoring decentralisation of Bitcoin.
Is Bitcoin Gold still a solid cryptocurrency at the end of ?
One look at Bitcoin Gold's chart is enough to see that the coin has not been doing as well as it was expected to. When it was launched in October , it started with a price of $, which quickly crashed to $ only a few days after launch.
The coin then reached its all-time high of $ in October , right before plunging to trade below $ in mid-November. However, the following Bitcoin-led rally allowed it to reclaim its original price and even go beyond it. On December 20, , it peaked at $ At the same time, BTC reached $20,
However, once the crypto winter started, the price of Bitcoin Gold retraced back once again, dropping first to its previous support level at $, and then even lower. The downtrend continued with occasional, short-lived surges.
The price has never changed much over time, but somehow, the coin managed to remain relatively high-ranking. At the time of writing, December 4, , BTC sits as the 79th largest coin by market cap, which stands at $m. BTG currently has a price of $, and a daily trading volume of $m, indicating that the coin is still being actively traded.
The coin did not really follow the Bitcoin's latest price surge to $19,, and, likely, will not react much even if BTC hits a new all-time high.
So, while BTG seems like it isn’t a crypto to invest in for those who hope to quickly profit from its price changes, it is still being traded, and it still ranks in the top 80 cryptos in late
What does Bitcoin Gold have to offer to the industry?
Bitcoin Gold's largest advantage over Bitcoin is the fact that it has changed the paradigm regarding mining. While Bitcoin has been impossible to mine with a GPU alone for years now, Bitcoin Gold offered miners who cannot afford expensive equipment an opportunity to get back into mining.
Essentially, the project's purpose was to create a network where anyone and everyone can be a miner, and use only the basic hardware to do it. As such, Bitcoin Gold also brings greater decentralisation, as its miners are not limited to a handful of people and entities who can afford to buy ASICs.
It should be noted that, while Bitcoin Gold did fork away from Bitcoin, it is not its competitor, like Bitcoin Cash attempted to be. When Bitcoin Cash emerged, it actually managed to take some of the Bitcoin miners with it.
Bitcoin Gold, on the other hand, is a competitor to other anti-ASIC projects, while Bitcoin continues to attract only those who can afford to mine with heavier machinery.
Bitcoin Gold's performance in
Bitcoin Gold saw the most activity in the first few months of its lifetime. However, as of early , the coin's price had been continuously dropping until it reached the bottom. There were occasional hikes, when the largest market rallies did manage to pull its value up a bit. However, those fluctuations have become more and more insignificant as time passed.
In , for example, BTG's largest surge took it from $ on January 1 to $15 January Since then, the price was mostly going up and down between $8 and $ Even right now, it sits within this range at $
Simple and intuitive platform
Even Bitcoin Gold news has been extremely scarce, as if nothing of importance happened to it this year. Looking at how passive the project has been throughout , however, this is not that surprising.
Bitcoin Gold price forecast and beyond: does the coin have a future at all?
As for the Bitcoin Gold price prediction , there are various forecasts that expect different things from the coin.
TradingBeasts, for example, gave a relatively optimistic Bitcoin Gold forecast, where the coin is predicted to continuously rise starting from However, analysts believe that the price will move slowly, from an average of $ in January to $ in December
Even when it comes to their predictions for and , BTG is expected to keep climbing, albeit slowly. TradingBeasts sees the coin at $ in December and at $ in December
Wallet Investor, on the other hand, has a more pessimistic BTG price prediction, expecting that BTG will drop to $ by December
The most optimistic by far, however, is CryptoGround, which expects that the coin will climb rather rapidly in the future. Their Bitcoin Gold analysis says that BTG will soar to $ in only six months. After that, they say that it will hit $ in December and surge all the way up to $ by December
As for what will actually happen – it remains to be seen. BTG did not present itself as a coin that would take the initiative over the past few years, and its price has mostly remained flat, compared to its more popular counterparts in the Bitcoin family.
It is likely that not one Bitcoin Gold prediction that we mentioned is entirely accurate. For example, if BTC does skyrocket past its all-time high of $20,, it will likely take the entire market with it, and so CryptoGround's prediction of a rapid surge may be the closest one to the truth.
However, it is very unlikely that the hike will just continue throughout the next five years. As we have learned from crypto history, stellar growth is always followed by steep corrections. With that in mind, WalletInvestor's pessimistic prediction for next December might be the one that got it right.
But, if BTG continues to ignore the rest of the market, it could very well keep climbing very slowly, as TradingBeasts says, progressing on its own. For now, there is no way to know, other than to wait and see what happens.
Have you already decided whether you should buy the coin? One of the ways to try to profit from the market volatility without having to own an actual cryptocurrency is to trade BTG through contracts for difference (CFDs) at tallerembajador.com.mx
Trading CFDs gives the opportunity to capitalise on both bullish and bearish price action. You can either hold a long position, speculating that the BTG/BTC rate will rise, or a short position, speculating that the rate will fall.
Trade Bitcoin Gold to Bitcoin - BTG/BTC CFD
Note that CFDs are a leveraged product. Therefore profits, as well as losses, are magnified.
You can learn more about CFD trading with free online courses and find out how to trade BTG CFDs by reading our comprehensive guide. Once you are ready, create a trading account at tallerembajador.com.mx and follow the latest crypto market news to spot the best trading opportunities.
-
-