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Bitcoin Gold (BTG) Gets A Close Look

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Bitcoin Gold

Today, we are going to discuss about another altcoin that has very recently delivered outstanding returns to coin holders.

We are referring to Bitcoin Gold (“BTG”), a new “hard fork” of the Bitcoin (“BTC”) that started trading in October 2017.

For those who don’t know, a “hard fork” occurs when coin developers need to add new features to a cryptocurrency that create incompatibilities between previous blocks and the new ones.

This means that a new cryptocurrency is generated and it will not be able to execute transactions with the previous version.

BTG and Bitcoin Cash are considered “hard forks” of the Bitcoin.

The following image from Investopedia explains very well the “hard fork” concept.

Have a look at it:

Hard Fork from https://www.investopedia.com

Hard Fork from https://www.investopedia.com

For those looking for the economic sense of things, a “hard forks” generally is intended to increase the amount of supply in the coin market. The new rules usually open new mining opportunities so that the amount of cryptocurrencies increases in the medium term. As a result, the price of “hard fork” coins is lower than the previous version.

But, the increase in supply does not mean that coin returns cannot be obtained from the new coins generated. In our experience, sometimes they are even more profitable than the previous versions. The BTG is a clear example.

Since its inception on October 23, 2017, its price has increased from $120 to hit at some occasions the resistance of $420. This means that some market participants could have received more than 300% returns in less than one month.

Amazing returns, don’t you think?

Please have a quick look at the following analysis before we discuss its main points:

Chart for BTG from https://www.tradingview.com

Chart for BTG from https://www.tradingview.com

As it always happens in the market, the top has been announced by large spikes in volume. When the price touched the resistance of $420, we could see that big sellers are shown up in the market pushing down the share price. This pattern was seen on November 10, 2017 and on November 25, 2017.

The same rationale applies to bottoms. When the coin price touched a low point close to the $100-$140 range, the buyers lined up.

So, what will we be looking for in the future to identify price reversals? Spikes in volume.

Now, we move to the current situation; as of November 30, 2017. The coin price tested the resistance of $420 once again, but sellers showed up and the coin price declined. In our opinion, the price may continue falling down until the level of $290 is reached. We expect demand for coins to appear at that price, which could again send the price higher.

Be careful readers if you don’t appreciate buyer demand in the lows of $120. If buyers are weak, the coin price could continue its downward trend and create a lot of pain.

Why was BTG created?

The initial idea of Bitcoin was having a decentralized system. Satoshi Nakamoto, the founder, believed in a BTC system, wherein each CPU has one vote. The fact is that, as it happens most of the times in financial markets, most Bitcoins are nowadays controlled by a few big entities that are sometimes using “abusive practices” against members with no bargaining power.

Changing the algorithm from SHA256 to Equihash to create BTG will offer new opportunities for people around the world to be part of the mining community.  As noted by the official BTG’s website, the new project builds “a more decentralized, democratic mining infrastructure, which is more resilient and more in line with Satoshi’s original vision.”

Demand – Many Exchanges are supporting the new coin

We were glad to find out that there are many exchanges that became interested in the BTG. Have a look, the list of institutions seems to be large:

Exchanges dealing with BTG from https://bitcoingolde.org

Exchanges dealing with BTC Gold from https://bitcoingolde.org

The fact that many exchanges are working with BTG is something we appreciate much. We believe that this demand and market recognition of BTG should positively affect the coin price in the long term future.

Conclusion

Currently trading with a market cap of $4,969 billion, BTG is an exciting story among cryptocurrencies. The fact that the market capitalization is so large means that market participants are expecting the growth and acceptance of the BTG to be large.

We believe in the future of this project, but we also expect a lot of volatility in the market, which will be reduced as more miners join the team and more coin holders are willing to accept BTG.

We will be updating our subscribers as soon as we know more. For the latest updates on BTG, sign up below!

Image courtesy of Marco Verch via Flickr

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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