A surge of activity has revitalized several lesser-known cryptocurrencies, but one notable standout is Bitcoin Gold (BTG), which has seen a remarkable 140.31% increase in value over the past day. On Saturday, the price of BTG fluctuated wildly, dipping as low as $9.30 before spiking to a high of $23.27.
Upbit in South Korea is fueling excitement surrounding Bitcoin Gold.
In 2017, a group of developers split from the original Bitcoin codebase, creating a new cryptocurrency called Bitcoin Gold (BTG) on October 24th. The primary goal of BTG was to increase decentralization by allowing users to mine the coin with standard computer graphics cards, rather than relying on specialized hardware. However, the network has been marred by repeated security breaches, including 51% attacks in 2018 and 2020, which have tarnished its credibility,coin, Verge, and Bitcoin SV.
Over the past weekend, bitcoin gold (BTG), the digital currency native to its platform, experienced a remarkable surge of 140.31% in value compared to the U.S. dollar. BTG emerged as the top-performing asset of the day, displaying the highest percentage increase among all cryptocurrencies in the last 24 hours. Interestingly, this spike occurred at the same time as Upbit’s decision to remove BTG from its listings on January 23. The South Korean exchange, Upbit, is currently observing high levels of trading volume and a price premium on BTG.
The current global exchange rate for BTG is $19.01, but it is being sold for $24.75 on Upbit. BTG is currently the top coin on Upbit of 9:00 p.m. Eastern Time on Saturday. Conversely, on Bithumb, BTG is trading at $18.90 without any premium, yet it remains the most popular coin on the platform. Most of BTG’s trading volume comes from South Korea, Upbit reporting $1.31 billion in BTG transactions over the past day and Bithumb observing $232 million.
Bitcoin gold (BTG) experienced a short-lived increase in value driven by speculative trading activity in South Korea, which emphasizes its diminishing importance within the wider cryptocurrency landscape. The significant difference between its rapid gains over a 24-hour period and the upcoming removal from Upbit’s listings the harsh truth: BTG’s story has transitioned from being innovative to becoming outdated. Despite the temporary surge, it seems that the project is now seen as a remnant of a previous era in the world of cryptocurrencies.
