In mid-March 2021, Bitcoin Gold (BTG) was worth just $30, while today its price is hovering above $110, which means it has tripled in value over the past 30 days.
Admittedly, this asset is still a long way from its all-time high of $539 reached in October 2017 at its launch, but this is still quite a performance.
What is Bitcoin Gold and why is the price going up?
BTG is a fork of Bitcoin that kicked off in 2017 and currently has 90,693 followers on Twitter, so it’s a project that has caught on quite a bit and we find it increasingly in Google trends.
In contrast to Bitcoin Cash, which is now the best-known fork of Bitcoin and with the largest market capitalization, BTG is certainly less well known, as is – perhaps even less so – Bitcoin Diamond.
In fact, this rally in the price of Bitcoin Gold could be a mistake given that Brazilian investment bank (BTG) Pactual has struck a deal with the Winklevoss brothers’ exchange Gemini.
This homonymy may have prompted some investors to invest in the wrong project.
According to Anita Posch, author of the Bitcoin podcast of the same name, this is a trader error, as she wrote on her Twitter profile:
— Anita ✊🏼🔑🏳️🌈🏊🏻🚴♂️☮️ (@AnitaPosch) April 7, 2021
Indeed, when Bitcoin Gold also released its news and update announcements, it was not so successful at the price level. Its level of volatility, however, is certainly not among the lowest in the industry as it stands at 30%.
Obviously, this is just a theory, and it could also be a rally due to the more general altseason. In a highly bullish market like the current one, it is therefore possible that several cryptocurrencies are going up for no real apparent reason.