Bitcoin Gold (BTG) shoots up 43.36% in one day
The altcoin has posted a strong rally in recent weeks, along with other coins such as Bitcoin Cash (BCH) and Bitcoin SV (BSV).
The Bitcoin Gold (BTG) price soared 43.36% on Monday, hitting a high of USDT 26.43 per coin. The rally came after Bitcoin Cash (BCH) and Bitcoin SV (BSV) also posted strong gains over the weekend.
It is unclear what triggered the BTG rally, but some analysts believe it could be due to recent Bitcoin (BTC) weakness. BTC is stuck in the $30,000 resistance zone for several weeks. Some investors may be switching to altcoins like BTG in search of higher returns.
BTG in a possible altcoin season
Other analysts believe that BTG's rally could be the start of a new altcoin season. An altcoin season is a period of time when altcoins outperform Bitcoin in terms of performance. This usually happens when Bitcoin is in a downtrend, as investors look for new opportunities.
Breaking resistance
Bitcoin Gold (BTG) was trading in a price range, with support at USDT 13.22 and resistance at USDT 17.36. This Monday, the resistance at USDT 17.36 fell under the control of BTG bulls. The cryptocurrency tested the next resistance at USDT 26.43.
This strong rally in Bitcoin Gold (BTG) was also accompanied by high trading volume that exceeded almost 10 times the 10-day daily average. In recent weeks, BTG has been registering high trading volumes, which reveals that there are investors accumulating significant amounts of these tokens.
After this strong rise, so far in 2023, it is showing gains of 110.85%. BTG enters the Top 100 cryptocurrencies with the largest capitalization, at 97th place. However, after the bear market of 2022, BTG still finds itself with losses of 20% in the last 12 months.
Bitcoin Gold is an alternative to Bitcoin
Bitcoin Gold is a digital cryptocurrency that resulted from a hard fork of Bitcoin. BTG uses a different proof-of-work algorithm than Bitcoin. It is based on GPU mining, which makes it more accessible for individual users. BTG also has a smaller maximum supply than Bitcoin, with only 21 million coins in circulation.
The BTG network aims to combine the security and robustness of the Bitcoin blockchain with the opportunity for experimentation and development. BTG is an option for users looking for a secure, scalable, and decentralized alternative to Bitcoin.