‘Not a cheaper Bitcoin’ — Bitcoin Gold soars 173% as traders may be buying the wrong BTG

An extended-forgotten Bitcoin (BTC) onerous fork has surged nearly 200% in every week — just because merchants are shopping for the unsuitable altcoin.

Bitcoin Gold (BTG), a relic from the 2017 forking season, traded at $113 on April 9 — the very best worth since February 2018 — after 30% day by day features as buying and selling volumes topped $250 million. 

Bitcoin Gold piggybacks to 173% weekly features

A curious distinction to an in any other case lackluster cryptocurrency market, Bitcoin Gold’s success seems to be not wholly real — but in addition not the fault of its holders or builders.

As Cointelegraph reported on Tuesday, a brand 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 trade for custody administration.

Whereas having nothing to do with Bitcoin Gold, the most important Brazilian funding financial institution does share the altcoin’s ticker — and the coincidence was ok for hungry consumers.

After the Gemini information broke, Bitcoin Gold noticed a flurry of demand which on the time of writing exhibits no signal of abating. This, reactions argued, confirmed that the cryptocurrency business was nonetheless very a lot in its nascent section.

“We’re so early that individuals purchase Bitcoin Gold BTG, as a result of there’s a new fund known as BTG Pactual,” podcast host Anita Posch warned Twitter customers.

“No, it isn’t a less expensive Bitcoin!”

Against this, Bitcoin Gold announcing an precise partnership in late March did hardly something for worth motion.

BTG/USD 1-hour candle chart (Binance). Supply: Tradingview

Nothing to do with Bitcoin

Bitcoin Gold happened as one of many a number of onerous forks of Bitcoin in 2017, the 12 months that additionally spawned Bitcoin Money (BCH), Bitcoin Diamond (BCD) and others.

Not like their mother or father, the forks have achieved solely restricted success. As Cointelegraph just lately reported, regardless of the broad uptick sweeping by way of 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 purchasing Bitcoin Gold, Bitcoin Money or any cryptocurrency with a ticker apart from BTC implies that one holds an altcoin, not Bitcoin itself.