Bitcoin Gold Surges Past The $300 Mark Once Again

The past two weeks have been characterized by a lot of volatility for Bitcoin cash with prices recently hitting highs above $17,000 and it looks like the gains in the cryptocurrency have also trickled down to Bitcoin Gold.

The price of Bitcoin Gold surged past the $250 mark on Monday, and it reached $254.79 marking an 11 percent rise within a 24-hour period. In fact, the price has been rising steadily since then and was at $317 at the time this piece was compiled. This is good news considering that the currency had previously been on a decline for the past 7 days, dropping from $326 to $200. The decline was rather surprising considering that it is a spinoff of Bitcoin Cash that is in the altcoin category.

Bitcoin Gold Chart courtesy of coinmarketcap.com

The recent surge demonstrated by Bitcoin Gold highlights the fact that the currency has not favored an uptrend as steep as Bitcoin cash itself. The altcoin had initially been hyped up a lot but then it was characterized by a sharp decline. However, it now seems to be making a recovery courtesy of the surge within the last few days. However, it still has a long way to go before the price can reach the previous high or even go beyond that.

The massive surge in bitcoin cash value over the past few days has been quite impressive and it seems that other cryptocurrencies are also following the same trend. The recovery of Bitcoin Gold might be influenced by the huge uptrend seen in Bitcoin Gold just as is the case with most of the other Altcoins. This, however, raises the question of how the altcoin will perform on itself for example if the price of Bitcoin Cash tumbles or achieves goes flat. This is especially considering that Bitcoin Gold does not have any unique aspects or special use that can set it apart from other altcoins in the market.

The altcoin also happens to be miles behind Bitcoin Cash whose current value is multiple times higher. Bitcoin cash is however among the top ten most valuable cryptocurrencies and it has recently been boasting of a significant trading volume more than $240 million.

Unfortunately, Bitcoin Gold is currently not very strong and is subject to sharp declines every time it shows even the slightest evidence of price weakness. This is because supply and demand have a significant influence on the performance of cryptocurrencies. Altcoins specifically tend to be very fragile as far as value is concerned. It is also important to keep in mind that cryptocurrencies are not influenced by the same forces that affect regular markets.

Cryptocurrencies as a whole remain difficult to predict and thus there is a lot of uncertainty about the future performance of cryptocurrencies in general.

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.

Image courtesy of Marco Verch via Flickr