Bitcoin Gold (BTG) was created after a hard fork occurred on the original Bitcoin network in October 2017. The PoW blockchain has similar underpinnings as Bitcoin but aims to re-decentralise the network to benefit regular miners. Let’s take a deep dive into the performance of BTG.
What Is Bitcoin Gold?
Bitcoin Gold (BTG) was a hard fork on the original Bitcoin (BTC) network that took place on October 24, 2017.
The motto behind Bitcoin Gold was to make Bitcoin decentralised again. This may sound counterintuitive because Bitcoin itself is a decentralised cryptocurrency that is not issued by any country or government body.
The team behind Bitcoin Gold claimed that the one major issue with the Bitcoin network was its mining process which was becoming far more centralised and disproportionately favoring corporate mining farms. According to the original Bitcoin whitepaper by Satoshi Nakamoto, Bitcoin mining should be equally accessible to everyone regardless of the computing power available to them. In the early days, ordinary computers verified transactions using the proof-of-work (PoW) consensus to power the Bitcoin network. The miners were also rewarded with BTC for creating a block. However, as time went by, Bitcoin mining became a lucrative industry participated in by major corporations who employed specialized rigs with powerful graphic processing units (GPU) that could create blocks at a much faster rate. Regular miners found it hard to compete with the industry giants.
To overcome this, BTG founders Alex Biryukov and Dmitry Khovratovich came up with a new hashing algorithm called ‘Equihash’ that would create bottlenecks for Application-specific-integrated circuits (ASIC) miners.
Equishash is the PoW mining algorithm introduced by Bitcoin Gold that makes the process more difficult for ASIC miners that use Bitcoin’s SHA-256. Bitcoin Gold’s mining algorithm requires the computers to use more memory (RAM) than processing power (GPU) when performing transactions on the network. Since ASIC rigs are about pure computing power, requiring more memory would limit their mining ability, thus making Bitcoin mining competitive once again.
What is BTG?
BTG is the native token of the Bitcoin Gold blockchain. When the original network hard forked, Bitcoin Gold took a snapshot of all BTC transactions and balances up until that point and airdropped BTG tokens to everyone who joined the new network.
At the time of writing, BTG is priced at $17.48 – up by 1.0% with a trading volume of $20.4 million in the last 24 hours. Just like Bitcoin, BTG will have a total supply of 21 million tokens, of which 17 million are currently in circulation. The total market cap of Bitcoin Gold sits at $305.9 million. However, Bitcoin (BTC), which is currently priced at $23,135, has a market valuation of $445 billion.
Bitcoin Gold Price Prediction
According to data from Coincodex, the price of Bitcoin Gold is predicted to drop by 5.06% and reach $16.42 by January 29, 2023. Current market sentiment for BTG is Neutral while the Fear and Greed Index shows 52 (Neutral). Bitcoin Gold traded 17 out of the last 30 days in green (57%) with price volatility of 11.50% in the period. This indicates that the time is good to buy Bitcoin Gold.
Bitcoin Gold 50-day, 200-day Simple Moving Average, and 14-day Relative Strength Index
Bitcoin Gold is currently trading below its 200-day Simple Moving Average (SMA), which has been signaling ‘SELL’ since October 22, 2022 (93 days). BTG is also trading below its 50-day SMA and this indicator has been signaling ‘SELL’ since January 11, 2023 (12 days).
Technical indicators from Coincodex show that Bitcoin Gold’s long-term 200-day SMA is predicted to drop next month and hit $18.79 by February 22, 2023. Meanwhile, BTG’s short-term 50-day SMA is forecast to hit $17.08 by February 22, 2023.
The Relative Strength Index (RSI) – an indicator that signals whether a crypto token is oversold (below 30) or overbought (above 70) – the value of BTG is at 66.13, which means the cryptocurrency is in a neutral position.
Key Price Level for BTG
Bitcoin Gold’s key prices are the $16.59, $16.10, and $15.56 support levels and the $17.62, $18.16, and $18.65 resistance levels. BTG prices could see high volatility in the coming days if it manages to break from those levels.
Bitcoin Gold Price Prediction 2023
The technical analysis predicts the maximum price of Bitcoin Gold to reach $27.88 by the end of 2023. The minimum price is estimated to reach $21.65 and the average trading price is expected to be $22.48.
Bitcoin Gold Price Prediction 2025
Cryptocurrency experts are predicting the price of Bitcoin Gold to reach a maximum of $56.20 by the end of 2025. The minimum price is estimated to hit $47.22 and the average trading price is expected to be $48.87.
Bitcoin Gold Price Prediction 2030
The maximum price of Bitcoin Gold is predicted to reach $401.65 by the end of 2030. The minimum trading price is estimated to hit $329.34 and the average price is expected to be $338.76.
All indicators show that Bitcoin Gold is a neutral asset to purchase in 2023. However, it is important to consider technical aspects like price history and fundamental aspects like on-chain activity and development before making the decision to buy cryptocurrency.
It is also to be noted that apart from being an alternative Bitcoin mining solution, the project does not offer much in terms of network capabilities or use cases. The ASIC-resistant hashing algorithm may attract regular miners, but major mining companies are already comfortable with the Bitcoin network which is open to everyone.
According to the 2021 BTG Roadmap, Bitcoin Gold is looking into key areas like interoperability between blockchains, development of decentralised applications (DApps), infrastructure, and the Lighting Network scaling solution. The project is also researching smart contracts and shifting its board-based governance structure to a community-driven decentralised autonomous organization (DAO) model.
When did Bitcoin fork to Bitcoin Gold?
Bitcoin Gold was created after the original Bitcoin network hard-forked at block 491,407 on October 24, 2017. A snapshot of all balances and transactions prior to the event was taken by Bitcoin Gold before the new network became operational.
Who received Bitcoin Gold?
Everyone who held BTC balances before the hard fork received the same amount in BTG airdropped to their Bitcoin wallets.
How to purchase and store Bitcoin Gold?
Bitcoin Gold is available to purchase and trade on more than 40 centralised and decentralised cryptocurrency exchanges. The most popular are Binance, HitBTC, OKEx, BitFinex, and Huobi.
The token can be stored in software and hardware wallets. However, it is always recommended to self-custody your crypto assets. Bitcoin Gold is supported on hardware wallets including Trezor, Exodus, and Ledger.
How to mine Bitcoin Gold?
◼ Join one of the 10 mining pools listed on bitcoingold.org
◼ Download mining software from the pool for NVIDIA or Radeon GPUs
◼ Set up a BTG wallet on BTGWallet.online, any cryptocurrency exchange, or the Bitcoin Gold Core Wallet
◼ Add your Bitcoin Gold wallet address to the mining software and follow the instructions to start mining
What is the highest price of Bitcoin Gold?
Bitcoin Gold reached its all-time high of $456.25 on December 20, 2017.
What is the lowest price of Bitcoin Gold?
Bitcoin Gold hit an all-time low of $4.25 on March 14, 2020.