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Various bitcoin forks emerged as cryptocurrencies in 2017, and Bitcoin Diamond (BTD), Bitcoin Gold (BTG), and Bitcoin Cash (BTC) appeared in the market as a result of technical innovations. Bitcoin Gold was produced to solve scalability issues and resolve some differences among the developers of cryptocurrency. But the main goal was to “make Bitcoin decentralized again.”
What is Bitcoin Gold?
Though Bitcoin is already a decentralized cryptocurrency Bitcoin Gold has something related to the mining process. Like the original Gold, bitcoin is not something that can be created arbitrarily. It requires a specific extraction process. Just as Gold is extracted from mines, the Bitcoins Gold requires mining through computational means.
Using the newly created algorithm named EquiHash, the developers launched this valuable new crypto. The source code of BTG signifies that it has a minimal supply. The number is restricted to 21 million bitcoins in total. One block is recovered and included in the bitcoin supply after every ten minutes.
With this background as a foundation, let us discuss the significant challenges, opportunities, and factors that will influence Bitcoin Gold’s price in the upcoming months and years.
Predicting the BTG Price:
Many factors influence all sorts of crypto coins, therefore making an accurate prediction regarding their future prices is nearly impossible. We can’t say anything with certainty whether the prices are likely to drop or rise in the future.
However, we can analyze the factors that determine the price of Bitcoin Gold so that you can make your judgment before making any decision. Here are some important parameters you must be aware of before investing (as of Jan 10th, 2021).
BTG Price Index and Live Chart:
|24 Hour % Change||-26.28%|
|24 Hour Low||$9.55||24 Hour High||$14.67|
|Net Change||$-3.06||24 Hour Open||$13.78|
|All-Time High||$456.25||Total Supply||18.61M|
|Returns (24H)||-22.21||Returns (YTD)||25.79%|
|Volatility (30D)||1.03||Transaction Count (24H)||1,857|
|Average Transaction Fee (24H)||$0.002138||Value Transacted (24H)||$6.43M|
BTG Performance in 2020:
By 2020, BTG took a big surge and reached from $5.35 to $15 in just fifteen days. Since then, the price constantly fluctuated between $8 and $10 throughout the whole year. Now we will check out what critics are expecting from BTG in the upcoming year.
BTG Price Prediction for 2021:
If we consider BTG likely to follow the market tendency in the year 2021, then we can say that 2021 presents good prospects for BTG. The drastic changes in the world’s economy caused by the Covid-19 pandemic have already weakened other currencies. This financial crisis across the globe is likely to strengthen the BTG, along with other cryptocurrencies.
Regarding the price of Bitcoin Gold, different forecasts are made which expect various price outcomes from BTG. Let’s have a look at the forecast made by ‘Trading Beasts.’ In this prediction, they expect the coin to rise continuously in value from the beginning of 2021 till its end. Their analysts say that the coin will increase gradually in price throughout the year and may reach up to $9.7 by the end of 2021.
According to the ‘Trading Beasts,’ the coin will continue to climb slowly in the next few years, and it is expected to reach $12.87 by December 2022. BTG may increase up to $16.01 till the end of the year 2023.
‘Wallet Investor’ gives an entirely different perspective on the expected BTG prices. It predicts that the Bitcoin Gold may drop as low as $4.145 by December 2021.
The ‘CryptoGround’ holds the most optimistic view regarding Bitcoin Gold’s value during the upcoming years. According to their experts, the coin will rapidly climb in 2021 and continue this momentum for several years. They expect the coin to reach up to $13.13 in the first six months of 2021. By the end of December 2021, it will hit $14.87. in this way, the BTG can reach as high as $391 by the next five years.
These were the predictions made by various analysts who keep a constant eye on the BTG and other cryptocurrencies. Now you can weigh the prospects to analyze whether it is appropriate to invest your assets in Bitcoin Gold or not.
What’s the future of Bitcoin Gold?
We cannot say anything with certainty regarding what will happen. No one can! But we can discuss how we have observed BTG. Over the past few years, BTG has not shown any rapid growth, and its price frequently remained flat compared to other competing cryptocurrencies.
None of these predictions may come true. The BTG may take a rapid surge and reach $20,000. In this case, it will take over the crypto market and will influence the world’s economy. In this scenario, we can say that CryptoGround’s prediction was near to reality.
However, we find it very difficult for the BTG to continue this hike for the next five years. When we analyze the history of Bitcoins, we see that plateaus always follow peaks. This means that we have a possibility that the Walletinvestor’s prediction turns into a reality.
Let’s check into another scenario. The Bitcoin Gold may continue to rise slowly and gradually throughout the next year to reach a good position by the end of the year. This is what TradingBeasts have predicted, but no one knows what is going to happen.
Another way to trade Bitcoins and gain profit from their volatility without actually buying them is by using the ‘Contracts for Difference (CFD).’
Should I Invest in BTG in 2021?
It is estimated that it will take around 100 years to mine every BTG token present on the network. It is essential to consider that the Bitcoin network is changing now and then. We have witnessed many changes over the past few years in the methods of processing and recording transactions. Therefore we can expect several factors to happen that impact the mining process and, of course, the value of Bitcoin Gold in the future.