Bitcoin Gold (BTG/USD), a cryptocurrency that came to be after a Bitcoin (BTC/USD) hard fork in 2017, has been performing well despite the overall bearish sentiment in the crypto market. With most coins in the top-10 list of leading cryptocurrencies, including BTC, bleeding today, BTG opened the day with substantial gains. Earlier today, the coin recorded gains of up to 11% over the past 24 hours.
However, the price has corrected downwards at the time of writing and BTG is changing hands at $57.26 (£41.19) with an 8.19% change in the past 24 hours. This price depicts a 20.74% rise over the past seven days when the coin was trading between $42.00 (£30.21) and $50.00 (£35.97).
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Since the start of the year, BTG has risen by more than 700%. However, this bullish performance has not seen the coin inch closer to its October 23, 2017, all-time high (ATH) of $539.72 (£388.24). While other cryptocurrencies breached their ATHs during the crypto market’s recent boom in April and May, BTG only managed to surge as high as $169.19 on May 5 before plunging.
At the moment, BTG is the 78th-largest cryptocurrency by capitalization with a market cap of $994,394,620.00 (£715,302,853.98).
Notable events behind BTG’s performance
BTG’s rise this year is backed by several factors. The most significant boost to the coin’s price came in April when people confused BTG for a newly-launched BTC fund by Brazilian Investment bank BTG Pactual. After the bank announced the launch of the fund, crypto investors mistakenly rushed into the BTG market, forcing the coin to surge by more than 200% in a week. Although BTG and BTG Pactual have no association whatsoever, this development saw BTC trade as high as $135.70 (£97.61) on April 11, up from approximately $40.00 (£28.77) a week earlier.
Apart from this confusion, leading crypto exchange Binance added support for the cryptocurrency in April, offering crypto users a chance to trade BTG seamlessly. The exchange offered three trading pairs for the token. These are BTG/BUSD, BTG/USDT and HOT/BUSD. Also, Tokocrypto, an Indonesian crypto trading platform listed BTG in the past month, helping fuel its current bull rally.
With hopes of maintaining BTG’s rally, the project has also appointed a Persian ambassador to help expand the coin’s user base in Afghanistan, Iran, and Pakistan.
67% of retail CFD accounts lose money