A protracted-forgotten Bitcoin (BTC) onerous fork has surged nearly 200% in a week — just because traders are buying the wrong altcoin.
Bitcoin Gold (BTG), a relic from the 2017 forking season, traded at $113 on April 9 — the highest value since February 2018 — after 30% every day good points as buying and selling volumes topped $250 million.
Bitcoin Gold piggybacks to 173% weekly good points
A curious distinction to an in any other case lackluster cryptocurrency market, Bitcoin Gold’s success seems to be not wholly real — but additionally not the fault of its holders or builders.
As Cointelegraph reported on Tuesday, a new Bitcoin fund from Brazillian funding financial institution BTG Pactual moved a step nearer to launching this week after teaming up with the Winklevoss twins’ Gemini alternate for custody administration.
Whereas having nothing to do with Bitcoin Gold, the greatest Brazilian funding financial institution does share the altcoin’s ticker — and the coincidence was adequate for hungry patrons.
After the Gemini information broke, Bitcoin Gold noticed a flurry of demand which at the time of writing reveals no signal of abating. This, reactions argued, confirmed that the cryptocurrency trade was nonetheless very a lot in its nascent part.
“We’re so early that people buy Bitcoin Gold BTG, because there is a new fund called BTG Pactual,” podcast host Anita Posch warned Twitter customers.
“No, it’s not a cheaper Bitcoin!”
In contrast, Bitcoin Gold saying an precise partnership in late March did hardly something for value motion.
BTG/USD 1-hour candle chart (Binance). Supply: Tradingview
Nothing to do with Bitcoin
Bitcoin Gold happened as one in every of the a number of onerous forks of Bitcoin in 2017, the yr that additionally spawned Bitcoin Money (BCH), Bitcoin Diamond (BCD) and others.
Not like their mum or dad, the forks have achieved solely restricted success. As Cointelegraph lately reported, regardless of the broad uptick sweeping via altcoins extra broadly, BCH, for instance, continues to lose worth in BTC phrases.
A few of their proponents have adopted an aggressive advertising and marketing stance which positions the fork as Bitcoin itself, a deceptive transfer which has doubtless additionally contributed to demand.
Cointelegraph reiterates that buying Bitcoin Gold, Bitcoin Money or any cryptocurrency with a ticker aside from BTC signifies that one holds an altcoin, not Bitcoin itself.