Bitcoin Gold Price Prediction: Is BTG a Good Investment?
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Table of Contents
Bitcoin Gold Fundamental Analysis
Bitcoin Gold (BTG), a cryptocurrency that emerged from a Bitcoin fork in 2017, has since been a subject of intrigue in the crypto space. With its mission to democratize mining and foster decentralization, BTG has carved out a distinct niche in the market. In this article, we'll delve into the history, technology, and key factors surrounding Bitcoin Gold while also exploring our predictions for its future price trends. Whether you're an investor or just curious about the crypto landscape, read on for insights into BTG's potential.
Bitcoin Gold (BTG) is a cryptocurrency created due to a fork in the Bitcoin blockchain. It was launched on October 24, 2017, by a pseudonymous user named "h4x3rotab" with the goal of making the cryptocurrency mining process more decentralized and accessible to individual miners using consumer-grade hardware. This individual claimed to be part of a group of developers who were concerned about Bitcoin's mining centralization.
Bitcoin Gold is one of several cryptocurrencies that have forked from the original Bitcoin blockchain. The fork occurred at block 491,407 of the Bitcoin blockchain, and Bitcoin Gold shares a common transaction history with Bitcoin up to that point.
The Bitcoin Gold project emerged when there was growing concern about the centralization of Bitcoin mining. Bitcoin mining has become increasingly dominated by large mining pools and specialized mining hardware known as ASICs (Application-Specific Integrated Circuits). Some members of the cryptocurrency community believed that this centralization was against the principles of decentralization and wanted to create a cryptocurrency that could be mined more democratically, using consumer-grade hardware.
The main difference between Bitcoin and Bitcoin Gold is the proof-of-work algorithm used for mining. While Bitcoin relies on the SHA-256 algorithm, Bitcoin Gold uses Equihash. Equihash was chosen because it is ASIC-resistant, which is designed to be resistant to mining with specialized hardware (ASICs). The goal was to allow more individuals to participate in mining using standard graphics processing units (GPUs).
Bitcoin Gold's creators believed that Bitcoin mining had become too centralized, with a few large mining pools and ASIC manufacturers dominating the network. By switching to an ASIC-resistant algorithm, they aimed to level the playing field and allow a broader range of participants to mine the cryptocurrency.
Hang Yin and Martin Kuvandzhiev were known to be associated with the Bitcoin Gold (BTG) project. They were reported to be part of the development and leadership team of Bitcoin Gold.
Bitcoin Gold has its wallets and is traded on various cryptocurrency exchanges, much like Bitcoin and other cryptocurrencies. Users can store their BTG in compatible wallets and trade it on platforms that support the cryptocurrency.
The Bitcoin Gold project has faced its fair share of challenges. Critics have pointed out that the project's developers pre-mined a significant amount of BTG (about 100,000 coins) before the official launch. This pre-mined amount has been a source of skepticism and accusations of unfair distribution.
The identity and transparency of the development team have been sources of concern. Some members of the team chose to remain anonymous, and the project's development has been relatively low-profile compared to other cryptocurrencies.
Bitcoin Gold has also faced security controversies, including a 51% attack in 2020, where an entity gained control of more than 51% of the network's mining power, potentially compromising the network's integrity. Such attacks are a concern for cryptocurrencies with smaller mining communities.
The total supply of BTG is 21 million tokens and as of October 2023, the circulating supply is 17,513,924 BTG. Of the entire BTG token supply, 30% was allocated for advancing the blockchain and project development. An additional 15% was set aside to foster ecosystem support and development, with another 15% distributed among the BTG community. Approximately 20% of the total BTG tokens were earmarked for covering annual expenses. Nearly 7% of BTG tokens were reserved for incentivizing bounties and collaborating with application developers, while an additional 5% was designated for rewarding the founding team. The remaining 8% of the tokens were dedicated to covering pre-fork expenses and supporting community development efforts.
Bitcoin Gold (BTG) can be purchased on various cryptocurrency exchanges. The availability of BTG may vary depending on the exchange and your location. Some popular exchanges where BTG is traded include Binance, Bittrex, HitBTC, and more. There are also compatible wallets available for storing and managing your BTG holdings securely.
Bitcoin Gold Live Price Chart
From the end of March 2023, the BTG price chart was growing till it reached $16.6 in the middle of the month. After this point the price flipped and the value of Bitcoin gold started a long way down. By the end of the month the BTG price was at around $14, but as May started the Bitcoin Gold token price continued to fall at an even faster pace, dropping to 12,5 by May 13 and remained at this level declining slightly till the beginning of June.
On June 11 the BTG price dropped to $10.8 then recovered a little bit and stayed stable for a few days around the price of $11.1-11.4. But in the second half of the month, the value of BTG skyrocketed and by June 29, BTG traders paid already $16.05. But as the token became overbought this price level dropped. Till July 28 the BTG price chart was following a downwards moving trajectory and reached the price of 13.23 by the end of the month.
Suddenly on August 1 the BTG price chart jumped up again, reaching $19.64, but couldn’t remain this high for longer than a day, and from August 2 started falling. The downtrend took the BTG price chart rather low and in 3 days the value of the Bitcoin Gold token was at $15.16. the price chart bounced for a while trying to keep at least this new level of price, but after August 14 when to swap BTG traders paid $14.73, the value dropped significantly. On August 18 the BTG price was at $13.22 and it kept falling. In almost a month the BTG price chart reached the level of $12.
This point signified the ending of the downtrend and Bitcoin Gold started to send bullying signals, with the price trying to break a resistance at $13.5. As of October 11, the BTG price chart hasn’t succeeded in breaking the resistance yet and continued sticking to the price level of around $12.5.
Bitcoin Gold Technical Analysis
According to the monthly technical analysis of the BTG price chart, the token will experience a bearish trend in the near future. According to the technical indicators, the BTG token is oversold as of October 11, 2023, with the bears’ power prevailing. The recommendation for this period is a strong sell.
Bitcoin Gold is currently moving within a largely horizontal trend channel over the medium to long term. This suggests that investors are in a state of uncertainty, awaiting clear signals for the next price direction. An upward breakout would be seen as a positive indicator, while a downward breakout would be viewed negatively. Notably, there's a formation of a head and shoulders pattern in progress. If the support level at 12.09 is decisively breached, particularly with a surge in trading volume, it would signal the potential for further price decline, and the price chart doesn't provide strong support.
However, in the event of a favorable response, Bitcoin Gold encounters resistance at 14.50 points. There is a notable correlation between volume peaks and troughs and price tops and bottoms, further strengthening the relationship between trading activity and price movements. This balanced volume, coupled with the positive signals, enhances the currency's outlook, suggesting an increased likelihood of an upward breakout.
Bitcoin Gold Price Prediction
Bitcoin Gold Price Prediction for 2023
Bitcoin Gold Price Prediction for 2024
Bitcoin Gold Price Prediction for 2025
Bitcoin Gold Price Prediction for 2026
Bitcoin Gold Price Prediction for 2030
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