fbpx
Price Analysis

Bitcoin Gold (BTG) Price Analysis : Review on Bitcoin’s Hard Fork – Bitcoin Gold’s Enhancing Market Trend

Bitcoin Gold (BTG)- Bitcoin’s hard fork was launched to make changes around the mining prototype on the Bitcoin blockchain. According to the founders, the Bitcoin blockchain had become more streamlined, which worked advantageously for large companies with huge banks of mining to mine vast majority of bitcoin. This replaces the primary purpose of a decentralized ledger and peer-to-peer currencies. Hence, Bitcoin Gold was produced. The fundamental change in Bitcoin Gold is a different algorithm that makes PoW (Proof-of-Work) difficult for ASICs (Application-specific integrated circuits) which perform all of the mining in the Bitcoin platform.

Bitcoin goldAccording to stats from Coinmarkcap, the corresponding market cap value of BTG, the 29th largest cryptocurrency, on March 22 at 16:44 UTC is $227,646,249 for its 24h volume of USD 10,657,195 which is relatively higher than its value of $219,719,957 on February 22 by 3.61%. The cryptocurrency’s market value started on a good note at the beginning of January. TheMarket cap value has been range bound between 200 million USD and 240 million USD. However, it dipped drastically on February 08 reaching its all-time low of $163,980,104, with an average percentage decrease of 38.83% from the current value. Nevertheless, there was a brief increase in the values when MCap traded for its all-time high on February 24 for $241,408,060. The current value is lower by a tiny percentage of 5.70% from its peak value. However, the 20-day exponential moving average shows a rise in values. The numbers rose from USD 218,310,885 on March 02 to the present day value by 4.28%. The ascending percentage pushes the digital currency’s market into bullish pressure.

CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present prices of USD and BTC on March 22, 2019, at 16:44 UTC are $13.07 and 0.00324190 respectively. Stats show that, although there is a similarity in the highs and lows of the market trend, BTC has taken the lead, followed by the MCap/USD pair. There have been irregular swings in the price of BTC with sharp rises and falls. The values were downtrend between January 10 and February 18, with the lowest on February 08 with the value of 0.00277351, which is lower by 16.89% from the current value. The MCap/USD pair reached the peak value together with the price of BTC on February 24 at 18:34 UTC when the MCap traded at USD 241,408,060, and the price of USD and BTC were $13.86 and 0.00334903 respectively. This cryptocurrency reached its milestone between March 12 and 16, as the price of USD rallied from a low of $12.03 to a high of USD 13.96 which is a 16.04%, a glorious return within a short span of 04 days.

The 14-day EMA shows an uptrend with the current MCap value higher than its corresponding value of $224,576,477 on March 08 by 1.37%. Although, both the averages do not show a significant increase, the overall market is booming and is stable on the uptrend. This puts the market balance in favor of buyers. Under this circumstance, both the long term investments and the short term ones have the opportunity to invest in this cryptocurrency to earn a profitable outcome. The contributions from the traders will prove beneficial.

Tags

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
Event Information
Event Information
Back to top button