The long-forgotten value of Hard Fork Bitcoin (BTC) has risen almost 200% in one week – simply because traders are buying the wrong alternative currency.
Bitcoin Gold (BTG), a holdover from the 2017 fork season, is trading at $ 113 – the highest since February 2018 – after 30% daily gains when volumes peaked at $ 250 million.
Bitcoin Gold fell to 173% from weekly earnings
Unlike the shiny cryptocurrency market, the success of Bitcoin Gold is not entirely real, but the owners or developers are not to blame.
The Brazilian investment bank BTG Pactual’s new bitcoin fund is close to launching this week after entering into a partnership with Winklevoss’ twin Gemini exchange center to manage custody, Cointelegraph told Cointelegraph on Tuesday.
While this has nothing to do with Bitcoin Gold, the largest Brazilian investment bank has an altcoin symbol, and this coincidence was good enough for hungry buyers.
Following the news of Gemini, there has been a wave of demand for Bitcoin Gold which at the time of writing shows no signs of slowing down. The reaction claimed that this indicates that the cryptocurrency industry is still in its infancy.
Anita Bush, host of the podcast, warned Twitter users: “We started buying Bitcoin Gold BTG so early because it’s a new fund called BTG Pactual.”
“No, this is not cheap bitcoin!”
In contrast, Bitcoin Gold’s announcement of a de facto partnership at the end of March had little or no impact on price movements.
Nothing to do with Bitcoin
Bitcoin Gold became one of many Bitcoin hard forks in 2017, including Bitcoin Cash (BCH) and Bitcoin Diamond (BCD).
Unlike the parents, the thorns have had only limited success. As the Cointelegraph recently reported, despite a broad rally that has engulfed cryptocurrencies more widely, BCH, for example, is still losing its value to BTC.
Some of their supporters have adopted a strict marketing position where the fork is positioned as bitcoin itself, which is misleading, which may also have contributed to the increase in demand.
Cointelegraph reiterates that buying Bitcoin Gold, Bitcoin Cash or a cryptocurrency other than BTC means that you have an alternative currency, not Bitcoin itself.