Bitcoin Gold (BTG), established in 2017, was envisioned as a user-friendly alternative to Bitcoin (BTC). The BTG network aspires to amalgamate the robustness and security of the Bitcoin blockchain with the flexibility for experimentation and growth.
Recently, the coin has seen a significant surge, increasing by over 30% in the last 24 hours, and is currently trading at a value of $18.34. Let’s delve into what to expect from BTG.
What you'll learn 👉
A Look at BTG’s Performance
Despite its promising start, has Bitcoin Gold lived up to its expectations? The All-Time High (ATH) for Bitcoin Gold was $539.72, achieved on October 24, 2017. This raises concerns as BTG failed to reach its ATH again during subsequent bull runs. Typically, if a coin doesn’t hit its ATH during a bull run, it’s challenging to expect it to do so in the next one.
However, it’s worth noting that not all cryptocurrencies record a new ATH during every bull run. For instance, XRP’s ATH remains that of January 7, 2018, during the previous significant bull run, when it reached $3.4.
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Show more +Several other cryptocurrencies, including Tron (TRX), Monero (XRM), Stellar (XLM), Bitcoin Cash (BCH0, and the now-renamed XRP, failed to approach their ATH in 2021, despite experiencing the 2017 bull run. Therefore, it’s plausible that a crypto coin may not hit its ATH in one bull run, but may do so in a subsequent one.
Market Position
In the past five days, Bitcoin Gold has earned a ‘Very Bullish’ rating on the InvestorsObserver Sentiment Score. This score provides a quick, short-term look at the crypto’s recent performance, taking into account both volume and price movement. This can be beneficial for short-term investors looking to ride a rally, as well as longer-term investors aiming to buy the dip.
Currently, Bitcoin Gold’s price is above resistance, with support set around $13.24 and resistance at $18.48. This puts Bitcoin Gold in a potentially volatile position if the rally loses steam.
Source CoinStats
Bitcoin Gold has been trading on moderate volume recently, indicating that today’s volume aligns with its average volume over the past seven days.
Unusual Trading Volume in Bitcoin Gold (BTG)
An unusual trading volume has been detected in the 4-hour chart of Bitcoin Gold (BTG). On Upbit, a popular cryptocurrency exchange. The average 50 4-hour volume was reported to be 271 thousand.
However, the last recorded volume was a staggering 5 million, marking a percent change of 1596.46%. This significant surge in trading volume is a clear indication of heightened market activity and investor interest in BTG.
Contrastingly, on Binance, another leading cryptocurrency exchange, the situation was quite different. The average 50 4-hour volume for BTG was 29 thousand, while the last recorded volume was 19 thousand, resulting in a percent change of -31.93%. This decrease in trading volume suggests a reduced trading activity for BTG on Binance.
Conclusion
While Bitcoin Gold has not yet managed to reach its ATH since 2017, its recent surge and ‘Very Bullish’ rating indicate a positive market sentiment. The coin’s current position above resistance, coupled with moderate trading volume, suggests potential volatility.
However, as the crypto market has shown, past performance is not always indicative of future results. As such, Bitcoin Gold’s journey is one to watch closely in the coming months.
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