Price analysis of Bitcoin Gold and its growing market

The Bitcoin blockchain underwent another community-driven hard fork known as Bitcoin Gold (BTG). Bitcoin Cash was introduced as Bitcoin’s hard fork a few months earlier. BTG 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 overthrows the purpose of a decentralized ledger and peer-to-peer currencies. Hence, Bitcoin Gold was introduced. This hard fork of bitcoin makes mining more equitable. The major purpose of BTG is to make anyone with only basic hardware, a miner. This would result in having a larger demographic coverage and would be spread amidst many miners instead of just a few large companies.

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. The Bitcoin blockchain uses a hashing algorithm known as SHA-256 wherein bitcoin gold with be using another algorithm called Equihash. This algorithm would make bitcoin mining more distributed, which solves the main purpose of Bitcoin Gold’s creation.

Price analysis of Bitcoin Gold and its growing market

Reports from CoinMarkCap states that BTG currently has a market cap value of 216,059,501 USD as on February 20 at 10:44 UTC, which is based on the circulating supply of 17,413,924 BTG out of a total supply of 17,513,924 BTG and at an exchange rate of $12.41. Its peak price went so far as 15.90 USD on December 21. Analysis revealed that the market cap value of BTG has been on an uptrend and the value shot from 162,458,624 USD on January 28 to 216,059,501 USD on February 20- a 32.99 percent increase. It is ranked 27th cryptocurrency in the market, moved up from the 28th position on February 12. The Coinmarketcap value has been downtrend since December 2018, but the values have started moving up since February 18, 2019.

Statistics from Coinmarketcap shows that the current price of USD and BTC are 12.41 and 0.00314269 and the corresponding 24h volume is 11,820,100 on February 20 at 10:44 UTC. BTG’s MCap values and prices of BTC and USD have been on a stabilized “downtrend” after December 21, 2018. However, the recent analysis shows that the tables have turned and those values are proportionally rising since February. On an overall comparison, the price of USD has taken the lead compared to the price of BTC. The numbers on market cap value and the price of BTC are overlapping each other. The cryptocurrency reached a milestone between December 15 and December 24 with an increase from 10.90 to 16.40 – a 50.46 percentage growth.

The 20-day Exponential moving average (EMA) exhibits an uptrend with respect to MCap, USD and BTC values. The value rose by 22.74% between January 31 and February 20. The 14-day moving average shows values ascending from 161,430,651 USD on February 5th to 216,059,501 USD (current value). With both the averages going uphill, the bulls hold an upper hand.

Bullish market means to invest time for the investors to get long term benefits. Traders can also earn a profit from their transactions due to the rising market. Investment from traders will increase the value of the cryptocurrency in the future. Apart from this, check on BTG prediction to know the insights regarding the coin’s future.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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