Bitcoin Gold (BTG) is a cryptocurrency created in 2017. It is a fork of the Bitcoin blockchain, so coded to make it resistant to the use of Application-Specific Integrated Circuits (ASICs). The use of ASIC miners on the Bitcoin blockchain had made the job difficult for ordinary users. This caused the pioneer crypto to become more centralized, where the task of creating more currency would rest in the hands of a few. But Bitcoin Gold adopted an ASIC resistant PoW algorithm called ‘Equihash’.
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The price of Bitcoin Gold makes it a relatively cheap cryptocurrency to add to your portfolio. You can buy BTG on several top crypto exchanges and at brokerage firms around the world. Remember, however, that it is always advisable to use platforms and brokers that comply with regulatory requirements set in the jurisdiction they operate. What you want is a provider that helps protect your assets.
On March 1, 2018, U.S. President Donald Trump announced that the U.S. would impose stiffer tariffs on steel and aluminum. A “trade war” ensued and governments around the world reacted furiously – Canada even threatened to retaliate. Tariffs by the U.S. on Chinese imports intensified the trade war and global markets fell. Investors seeking to hedge against further losses looked at gold and other safe-haven assets. Quite a bit of the attention fell on Bitcoin.
Amid the heightened tensions, Bitcoin (BTC) soared to levels above $12,000. The rest of the crypto market rode the global market anxiety to post new highs. Bitcoin Gold, for instance, jumped from prices just above $9 in Feb 2019 to over $30 in May. That represented an increase of over 233% within two months.
That BTG can be a great investment asset is evident if you look at the Bitcoin Gold price history. But to put into perspective, let’s compare this cryptocurrency to fiat currencies and one other crypto asset.
The Bitcoin Gold price charts show that the token is holding its own against the U.S Dollar. The BTG/USD pair is returning +1.78% on the daily charts, with the Bitcoin Gold price currently ticking at $9.84. It means 1 BTG is equal to $9.84 U.S Dollars at the time of writing. The historical price graph shows BTG vs. USD has fluctuated between $9.16 and $9.73. Bitcoin Gold touched it’s all-time high price of $539 on 23 October 2017. But the U.S Dollar remains the world’s most traded currency.
The current Bitcoin Gold/GBP price graph (Jan, 2020) has the BTG/GBP pair exchanging hands at £7.56. That means that 1 unit of Bitcoin Gold (BTG) is currently equal to £7.56 GBP. If you were to invest 1 GBP into buying Bitcoin Gold, you would get 0.1421BTG. The price of Bitcoin Gold is 1.46% up on the British currency and has fluctuated between 7.065 and 7.67 within a 24-hour period. On the daily charts, GBP is in the green against both the U.S. Dollar and the Euro.
Bitcoin Gold and Bitcoin Cash are both cryptocurrencies created by forking the original Bitcoin code. Both coins have a limited coin supply of 21 million and are mineable.
The difference is that Bitcoin Gold is against the use of ASIC miners while Bitcoin Cash disagreed with the use of off-chain scaling solutions. In the market, Bitcoin Gold and Bitcoin Cash have had contrasting fortunes. While BCH has consistently ranked among the top 10 cryptocurrencies, BTG has dropped into the top 30s. BTG/USD touched an all-time high of $539 in October 2017, while BCH rallied to touch $4,355 in December of the same year.
The Bitcoin Gold price today represents a big decline from its price at launch in 2017. At the moment, Bitcoin Gold is struggling against both currencies, BTC & BCH. However, that may reflect the overall decline in the crypto market, meaning that there remains huge potential for this crypto to surprise us all. But what is the Bitcoin Gold price prediction for 2020 like?
Bitcoin Gold price forecasts indicate an uptick in the wider crypto market could trigger an upside for this cryptocurrency as well. If it happens, BTG could push for levels similar to those reached in its most recent bull run. The availability of the crypto on several top exchanges is adding to the liquidity needed to see it push higher, with overall volatility likely to play a big role as always. For an investor looking to buy Bitcoin Gold, the key is to carry out your own research.
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