So, a lot of you are wondering as to where the price of bitcoin gold will go after it is launched today at 19:00 UTC.
There are a couple of factors that we need to consider in order to make a coherent estimate.
Let’s take a look at another fork that happened back in August, bitcoin cash. When cash came out, it quickly jumped to a market cap of about $4 billion in an incredibly short amount of time. Currently, the bitcoin cash market cap $28 billion. Just think about that for a little bit.
Additionally, it saw some stupendous growth in recent days, jumping from $800 per unit of bitcoin cash to over $2000.
Just take a look at the price chart below.
Bitcoin gold might moon just like BCH
A lot of veteran users really don’t like the fact that BCH shot up so much, but hey, a new cryptocurrency that can be used for exchange purposes is gaining popularity. More people are getting attracted to the bitcoin and blockchain.
Bitcoin gold is not useless
With the coming of gold, users can expect replay protection, equihash PoW changes. Additionally, the team behind BTG stated that they are going to update the cryptocurrencies mining documentation so that it can be easily mined by anyone.
In a market where mining was mostly dominated by ASIC’s tech and China, this is overall great news for the community in my opinion.
Exchanges are getting ready for bitcoin gold
After it was announced that BTG will be released today at 19:00 UTC, the demand for the coins futures caused the price to shoot up exponentially.
It went from about $150-$160 on November 10th to over $450 today. Take a look at the chart below.
Exchanges ready for bitcoin gold
Some large cryptocurrency exchanges like Bitfinex, Binance, Yobit, Coinnest, and others. Bittrex also announced that users holding bitcoins on their exchange will receive BTG.
I expect that once BTG hits exchanges and the media starts exposing it that the price will go absolutely through the roof in a similar way to bitcoin cash.
I expect the price of BTG do go up drastically, especially once media outlets start covering it. But, will it reach BTC cash heights? Who knows, all we can do now is wait and see.
However, It’s hard for me to imagine that its price will decrease substantially.
For more background info on BTG, check out this article here on cryptona.