What is Bitcoin Gold? Bitcoin Gold was created in 2017 as a fork of Bitcoin, with the intent of making changes to the blockchain and network. The main focus of the Bitcoin Gold project was on increasing the block size. The developers and supporters believe that this increases the efficiency of the network, which makes it more likely that more transactions are processed and this increases the value of Bitcoin Gold.
Though a lot of people today have heard about Bitcoin, the underlying technology behind it, blockchain, has only been around for a few years. It has been called the “the wild west of money” because it is has been known to attract scam artists. There are a lot of unknowns about blockchain technology, and the Bitcoin Gold price prediction holds true for the next few years.
The introduction of Bitcoin (BTC) in January 2009 came with the proposition that mining the coin will be available to all and sundry, and this appeared to be the status quo for some time. However, as the value of Bitcoin steadily climbed up the charts, its mining appeal began to skyrocket, and competition soon increased.Bitcoin mining came with more challenges, and it became clear that only custom-built equipment (ASICs) can efficiently mine the coin. An unbalance of power soon erupted, and big players wielded power over the cryptocurrency’s network, monopolized the industry, and disadvantaged participants who could not afford powerful and faster ASICs.
Due to the turn of events, miners and developers on the Bitcoin network determined that a shift of power was necessary. That decision eventually resulted in Bitcoin Gold (BTG), as we know it today.
Bitcoin Gold (BTG) was launched in 2017 to emerge as a user-friendly Bitcoin alternative.
In this Bitcoin Gold price prediction, we’ll examine the price history of the digital asset, technical analysis, and BTG/USD predictions for the years ahead.
What is Bitcoin Gold (BTG)?
Bitcoin Gold (BTG) was co-founded by Hang Yin, Martin Kuvandzhiev, and Franco Niebles. It is an open-source digital currency with Bitcoin (BTC) fundamentals, aimed at mitigating the scalability concerns of BTC and decentralizing the mining sector.
In effect, BTG is a hard fork (spin-off) of existing blocks of the BTC blockchain. The Bitcoin Gold blockchain is driven by a proof of work (POW) algorithm known as Equihash or Zhash.
Bitcoin Gold has fulfilled some of its aims by offering complete anonymity and significantly improving processing times compared to what we have with Bitcoin. Bitcoin Gold (BTG) can be mined on regular GPUs rather than the expensive and sophisticated ASICs, thanks to the hard fork.
The coin’s development team kicked off with six members in 2017 and now boasts a mix of 20+ international members with varied skills and backgrounds. Also, the administration and development of the BTG blockchain are conferred on the board and members of the community.
As a digital asset, Bitcoin Gold (BTG) functions independent of centralized monetary policies or restrictions by banks, federal reserves, or other financial bodies.
Since its introduction into the cryptocurrency market, Bitcoin Gold has maintained its position as one of the top 100 most reckoned digital coins. Currently, the total market capitalization of Bitcoin Gold is over $800 million, and its 24-hour trading volume of over $40 million. The cryptocurrency is ranked in 84th place.
To trade Bitcoin Gold, the basic requirements include a reliable internet connection, a BTG wallet address, and a trading platform that supports the coin. For miners, the requirements are a 64-bit Windows PC, a wallet address, GPU, and reliable internet.
Bitcoin Gold finds application as:
- Settlement for trades – buy, sell, swaps, etc.
- An instrument of investment in crypto marketplaces
- An independent payment enabler like other digital assets
The various use cases of this digital asset across multiple platforms have led to a steady increase in Bitcoin Gold’s (BTG) value.
Bitcoin Gold price history and technical analysis
From historical data, Bitcoin Gold (BTG) coin price was initially valued at over $500, and it hit an all-time high (ATH) of $539.72 on 23 October 2017. However, the price fell rapidly below $200 in a short period but hit another high of $509 on November 11, 2017.
Bitcoin Gold spent the remainder of 2017 trying to retrace the $500 mark. The price retracement continued in the first few days of 2018, but the market eventually lost its momentum around $158 at the end of January 2018.
In March 2018, BTG’s value fell below the $100 mark and the bearish movement spanned the whole of the year 2019. On January 3, 2023, Bitcoin Gold plummeted to a new minimum price of $5.02 and further attained an all-time low of $4.25 in March 2023.
The significant price dips experienced between 2018 to 2023 could be attributed to repeated malware attacks on the coin’s ecosystem.
At the start of the year 2023, the price of Bitcoin Gold (BTG) hovered around the $8 mark. In the middle of February, the dynamics were in the favour of Bitcoin Gold, and its price showed signs of massive recovery by rising to $168.19 in May.
If the price momentum is bullish by the turn of 2025, we expect BTG/USD to trade above the $300 mark, and possibly aim for higher price targets.
Long-term BTG price prediction (beyond 2025)
Long-term BTG price prediction suggests very bullish momentum. However, it remains to be seen if the coin will reach its all-time high beyond 2025. As predicted, 2025 could usher in a positive cycle which will bring about significant price actions.
By 2030, we expect Bitcoin Gold (BTG) to rise above $400, and by 2033, it should have fully regained its long-lost valuation and crossed the $500 mark again.
Is BTG a good investment?
Whether BTG is a good investment or not, the true answer lies with the investors’ perspectives, and of course, market sentiments. As with every other cryptocurrency, highs and lows are very much expected with Bitcoin Gold (BTG).
The exchange rate of this coin against traditional currencies has been bearish in the past month, but a more favorable market movement is expected before the end of 2023.
However, based on data and predictions, it can be said that Bitcoin Gold offers massive prospects in the long term ( 5+ years), and should provide good returns on investment.
Final verdict on BTG
As already established, Bitcoin Gold launched in 2017, and it is a hard fork of the original Bitcoin blockchain. In the past 4 years, it has garnered a lot of market momentum and has continued to fulfill some of its key mandates.
BTG has successfully decentralized cryptocurrency mining through its introduction of the Equihash consensus algorithm that lets common miners generate more BTG coins using GPUs. It offers improved scalability, enhanced processing time, and replay protection.
Bitcoin Gold is a useful tool for swift global payments, open-sources bridges, investments, research, and smart contracts. As indicated in its official roadmap, developers are also aiming to make BTG a standalone digital asset, but the exact details are not yet known.
The variety of applications of this cryptocurrency underscores its potentials for the future. It is, therefore, expected to gain more popularity, and of course, increase in price in the coming years.
You can also take a look at our Bitcoin price prediction and Ethereum price prediction.
FAQs
What is the worth of Bitcoin Gold?
At the time of writing, the current price of Bitcoin gold is trading at a day price of $44 and with a 24-hour trading volume of over $41 million. Its market dominance is 0.06%, and it ranks at no. 83. In addition, its total market cap is over $780 million.
Will Bitcoin Gold (BTG) reach $170?
Given that the coin is currently trading at about 44 dollars, it will require a 4 times increase in price to reach the $170 mark. On May 6, 2023, the value of BTG rose to $168.19, and experts are forecasting a bullish price action in the future as seen from the Bitcoin Gold price prediction.
No one can say exactly what the price of a digital currency will be, but if we are to go by the Bitcoin Gold price prediction and previous price actions, BTG could reach an expected maximum price of $170 by 2024.
Cryptocurrency investments are profitable but highly speculative and very risky. A coin could hit a new high price, and in the next minute, lose all its gains. Hence, always consult with professionals before investing.
Can Bitcoin Gold reach $500 again?
As seen from the long-term Bitcoin Gold price prediction, the coin offers massive prospects. However, this is not 100% guaranteed, but speculations that are subject to several instruments that will unfold with time. If we are to go by the long-term Bitcoin Gold forecast, it will hit $500 over the next few years.
Remember, this is a forecast and not a piece of investment advice.
Is Bitcoin Gold a profitable investment in 2023?
The price dynamics of Bitcoin Gold have been bearish for about a month, but hopes are high and the market sentiments are positive for the remainder of 2023. A year-end forecasted Bitcoin Gold price of about $70 – $85 is expected, and that could result in a profit margin of about 70 – 90 %.
Its popularity, use cases, community size, institutional investors, and price are projected to grow significantly. Therefore, making Bitcoin Gold a profitable coin to add to your crypto portfolio. When trading Bitcoin Gold, it could be helpful to keep an eye on Bitcoin’s volatility and price actions as both coins usually follow the same trend.
What is the difference between Bitcoin (BTC) and Bitcoin Gold (BTG)?
Like Bitcoin Cash (BCH), Bitcoin Gold is a spin-off of Bitcoin; hence, it utilizes the POW algorithm. While Bitcoin and Bitcoin Cash use the SHA-256 algorithm, Bitcoin Gold leverages the Equihash-BTG algorithm. Another element that differentiates these two coins is their mining mechanism. Bitcoin miners use specialty ASIC hardware, while Bitcoin Gold miners use GPU-based hardware.
How high could Bitcoin Gold go in 2030?
Based on Bitcoin Gold price prediction, we expect the coin to rise to $400 by 2030. A higher price target could be reached or not, depending on several factors.
How to buy and sell Bitcoin Gold (BTG)?
Like Bitcoin, Bitcoin SV, and other coins, Bitcoin Gold (BTG) can be purchased or sold on cryptocurrency platforms that support the ecosystem. You can also swap/sell BTC for BTG on a Bitcoin exchange.
Here’s how to buy Bitcoin Gold:
- Look for a secure cryptocurrency exchange.
- Set up an account.
- Provide identification and payment details where necessary.
- Fulfill KYC requirements.
- Determine the amount of coin you want to buy, confirm the exchange rates, and buy Bitcoin Gold.
- If you prefer hardware wallets over digital wallets, that option is available too.
Here’s how to sell Bitcoin Gold:
- Ensure that you already have your Bitcoin Gold coin in your wallet.
- Visit any secure crypto platform with support for BTG, and type in your sell amount.
- If the rates work for you, sell your Bitcoin Gold.
- If you’re selling for another digital asset, ensure that the receiving address is secure.
What are the use cases of Bitcoin Gold (BTG)?
Bitcoin Gold is suitable for a variety of applications including;
- Computing technology
- Open-source bridges
- Smart contracts
- Payment methods
Will Bitcoin Gold price overtake Bitcoin price?
Whether or not BTG price will overtake BTC price, cannot be determined, as there are several factors to consider for such a price forecast. However, you can check out our comprehensive Bitcoin forecast.
Is Bitcoin Gold price forecast always accurate?
There is no 100% guarantee that the actual price dynamics of BTG will follow a forecast or any particular approach. However, a price forecast provides extensive market insight into a coin of interest.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions
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