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Recent Trends with Bitcoin Gold
Bitcoin Gold (BTG) has endured many ups and downs in recent years. This cryptocurrency reached a pyrrhic all-time high of $539.72 on 23 October, 2017, but it has largely been downhill since then. For the majority of 2020, and early 2021, the price of BTG hovered around $10 per unit. Then, in January 2021 the price of BTG rose markedly, in concert with Bitcoin and altcoin as the crypto boom took off. Heading into March 2021, the price of Bitcoin Gold was $26.51, with year-to-date returns of 213.05%. While certainly not a hot favourite among South African traders, Bitcoin Gold retains its status as a top 100 cryptocurrency. Currently, the market capitalisation of Bitcoin Gold is $466,577,910, with a circulating supply of 17,513,924 coins. Like Bitcoin, the total supply is restricted to 21 million. Despite its well-intentioned underpinnings as a truly decentralised and independent cryptocurrency, the appeal of BTG has been lost on traders. At one point, Bitcoin Gold was a valued cryptocurrency with a market capitalisation of $8 billion. A barrage of 51% attacks against the network resulted in a more than 98% depreciation within 2 years. This led to sharp declines in demand, as the crypto sold off en masse. From a ranking of #8 on the cryptocurrencies list, Bitcoin Gold is now barely within the top 100. These 51% attacks are particularly devastating to cryptocurrencies in the sense that the same crypto can be used to make multiple transactions. This immediately resulted in an updated algorithm, from Equihash based on the 200, 9 parameter set to Equihash-BTG, based on the 144, 5 parameter set. While the high values fluctuate between $474 and $539, owing to rapid cycling of prices, in late 2017, the spectacular collapse is what investors remember most. By the end of 2017, BTG bears won out as the crypto dropped in price. Rumours of major controlling interests ruling the trading of BTG have not helped its cause. Multiple attacks, thefts, and blockchain network weaknesses have hampered the regrowth and repair needed to instill confidence in this cryptocurrency once again. Fortunately, cryptocurrencies don’t need to appreciate in price for traders to benefit. SA traders have the option of crypto CFDs at AvaTrade , where it is possible to profit from rising and falling markets with derivatives financial instruments. While many of the nodes on the Bitcoin golden blockchain network are in Germany, with a sizeable number in the US and France, numbers have been declining over the last year. The recent upswing is somewhat encouraging, especially in percentage terms. For the year-to-date, the returns on this digital currency are still significantly stronger than one would expect, at an incredible 213% (March 2021).
What is Bitcoin Gold
Bitcoin Gold (BTG) is the second fork from Bitcoin (i.e. the second version to stem from Bitcoin’s source code) after Bitcoin Cash. The Bitcoin Gold fork occurred on 24th of October 2017, at block height 491,407. It does retain Bitcoin’s transaction history, meaning if you owned Bitcoins before the fork, you now own the equal amount of Bitcoin Gold. This cryptocurrency aims to introduce an alternative mining algorithm that is less susceptible to ASIC-based optimisation, therefore allowing users to earn more with their computer cycles.
Why Trade Bitcoin Gold with AvaTrade ZA
- Open Bitcoin Gold CFD positions with up to leverage
- You can start trading Bitcoin Gold from as little as
- Volatile instruments such as Bitcoin Gold make for an excellent addition to any financial trading portfolio
- Bitcoin Gold is available for AvaTrade south african clients 24/7
- You can SELL Bitcoin Gold (go short) and potentially profit even when the Bitcoin Gold price is on a downtrend
- Enjoy live language-specific customer support around the clock
- AvaTrade offers zero commissions on Bitcoin Gold trading and no bank fees charged on transactions
- Zero exposure to hacking or theft simply because you don’t actually buy or sell the actual BTG coin
- AvaTrade is regulated on 5 continents
- Execute trades in just 3 clicks, free from the complex crypto purchasing process
How to Trade Bitcoin Gold CFDs in 4 Easy Steps
- Open a trading account with AvaTrade ZA
- Fund your account
- Fill in your preferred investment amount
- BUY (go long) or SELL (go short) Bitcoin Gold
AvaTrade ZA Spois an industry-leading broker with some of the best crypto trading conditions available, including the lowest crypto spreads on the market.
Why Trade Crypto CFDs With AvaTrade?
- Uncompromised Safety –
With six regulatory authorities and segregated accounts, your money is protected at all times.
- Many Cryptos to Choose From –
Trade on the wide variety of cryptos available on our trading platforms.
- No Hidden Fees –
We offer zero commissions and no bank fees on transactions!
- Crypto Never Goes to Sleep –
AvaTrade ZA is one of the few brokers offer around-the-clock service and support in 14 languages.
- Generous Leverage –
Increase your initial capital with generous leverage and get far more exposure to trade than your account balance. Up to 2:1 (for EU residents) 25:1 (for non-EU residents).
- Limit Your Risk –
You can preset profit and loss levels by using stop losses or take profit limits when you trade. Determine the maximum amount you are prepared to risk when speculating on the price, or set a price at which you want to take profits. Future orders like Buy Stops and Buy Limits are also available.
- Trade Cryptos Against Fiat Currencies –
Unlike many exchanges out there, who are restricting their clients to trade only Crypto to Crypto, our clients can trade Cryptos against Fiat currencies (USD, EUR, JPY etc.), as well.
Bitcoin Gold in the markets
Yet another Bitcoin offspring that did not have a very promising start; Immediately after its launch in late October, it’s website had to force a shutdown after a DDOS attack. Obligating the Bitcoin Gold price to decline substantially. According to finance leaders CoinMarketCap, Bitcoin Gold started trading at $479 at 20:00 UTC by 16:11 UTC plummeted to $274.44. Besides their website being offline, another reason for the devastating decline was predominantly by fault of the lack of support from the Bitcoin community.
It is an extremely volatile asset and continues to dance among the bulls and the bears:
5 Facts you should know about Bitcoin Gold
- This BTG coin was created by Jack Liao, founder of Lightning ASIC (a computer mining firm in Hong Kong). Liao made the project public in July 2017.
- Equihash is Bitcoin Gold’s new protocol. Bitcoin uses Secure Hash Algorythm (SHA-256 bit). BTG will be replaced by PoW algorithm, Equihash, which some say is superior, with vast memory and even faster execution.
- To ensure the safety of the Bitcoin ecosystem, BTG implements unique cryptocurrency wallet addresses and replay protection system – double the protection from hackers and malicious threats.
- Full transparency through a free open source software project. This project is built by volunteer developers and avid Bitcoin enthusiasts worldwide.
- As Bitcoin Gold uses decentralised mining it gives ordinary users a fair opportunity to mine with ubiquitous GPUs (Graphic Processing Units).
We are Here to Help You Trade Bitcoin Gold
AvaTrade ZA offers you the opportunity to BUY (go long) or SELL (go short) on all Bitcoin Gold trades, so you can use your preferred trading strategies regardless of which way the currency is moving. We encourage you to learn more about Bitcoin Gold trading by visiting our trading conditions & charges page.
Please note: The cryptocurrencies market’s high volatility offers endless trading opportunities.
Due to price fluctuation, certain crypto pairs may be suspended and/or removed from our trading platforms periodically.
When trading with AvaTrade ZA you are trading on the price changes of the digital coin, and not physically purchasing it.
The maximum accumulated position size for Bitcoin Gold is $50,000 notional value, details in our Trading Conditions and Charges page.
Bitcoin Gold FAQ
Where can I trade Bitcoin Gold?
There are many online exchanges where you can trade for Bitcoin Gold, but these cryptocurrency exchanges are unregulated and pose the danger of losing your cryptocurrency coins either through hacking attacks or by simply entering a receiving address incorrectly. Those who aren’t technically savvy will probably prefer to trade on Bitcoin Gold CFDs at AvaTrade. When you’re trading CFDs you don’t have to worry about losing coins or having them stolen from you. You are trading just on the price change of the Bitcoin Gold, which is a far simpler process.
Is Bitcoin Gold related to physical gold?
Despite the name, there is absolutely no relationship between Bitcoin Gold and real physical gold. Instead Bitcoin Gold took its name to denote that it is a better or more valuable offshoot of the original Bitcoin. If you are interested in cryptocurrencies based on gold those are available too, but not from AvaTrade yet. However, we do offer trading in CFDs of actual gold, so if you are looking for a place to trade on gold you’ve found it here at AvaTrade. And you can trade Bitcoin Gold too if that’s what you prefer.
What is Bitcoin Gold used for?
Bitcoin Gold was created as a fork of the original Bitcoin. That’s when a code change is made so that the blockchain is no longer backward compatible, creating what is in essence a new blockchain from an existing blockchain. In the case of Bitcoin Gold the intention was to decentralize mining and to create a transactional cryptocurrency that is faster and more secure. Anyone holding Bitcoin when Bitcoin Gold was forked off the original blockchain was eligible to receive an amount of Bitcoin Gold equal to their Bitcoin holdings.