Bitcoin Gold Is Up By 18.55% – Time To Buy BTG Coin?

Aside from decentralising the mining process, the Bitcoin Gold blockchain is fledgling a whole new crypto ecosystem. So far, the Bitcoin hard fork has integrated with the Phala Network to enable an interoperable Bitcoin protocol.

The recent rally of Bitcoin Gold has seen several investors look to buy BTG before it hits the $100 mark. However, before investing, let’s consider the digital asset’s historical price performance.

BTG Technical Analysis

Much like Bitcoin itself, the Bitcoin Gold coin has also experienced a banner 2021, indicating that this could be the best time to buy BTG. Coming into the year at a little over $8, BTG began a rapid ascent in value in February when it surged to $34.01 before dipping. However, the slump did not last long as BTG continued trading above the $30 mark for most of the following month.

Following the ascent of its parent blockchain, Bitcoin, in April, BTG surged, hitting a price point of $124.27 on April 11. It subsequently dipped with the broader crypto market. A rebound in May saw it retest the April resistance point and surpass its previous high to peak at $140.3 on May 6, hitting a 52-week high before the crypto market crash.

With the bears seizing control of the crypto market for three months, BTG rapidly shed off its gains and dipped to $34.27 in May 2021. Momentary leaps and bounds did not see the digital asset retest the $100 mark for some time.

However, BTG has largely tracked the price movement of Bitcoin and rallied during the September jump to $83.18, 200% up from its three months low. A lull saw BTG crash 40% to $49.85 in the tail-end of September.

Meanwhile, BTG is making another stake towards a resurgence and has rallied 18.55% in the last 24 hours. Trading at $69.63, BTG is up 40.21% in the previous week. This rally indicates that investors are looking to buy BTG.

BTG Fundamental Analysis

Boasting over $1 billion in market valuation, Bitcoin Gold is one of the 100 most valuable cryptocurrencies in the world. Despite not enjoying the same popularity as BTC, Bitcoin Gold is traded on over 75 crypto exchanges. Also, over the 18 digital wallets support the Bitcoin hard fork.

While the premier digital asset has been racking up major adoption across corporate and national borders, Bitcoin Gold has been more laid back.

The developers behind the crypto project listed four critical areas they intend to address on the Bitcoin Gold project in a blog post. These include interoperability with other blockchain networks, developing a layer-two scaling solution, an updated infrastructure, and a shift to a modern-based decentralised autonomous organisation (DAO) model.

So far, the project is working on the interoperability part of the roadmap and has partnered with the Phala Network to build a lightweight BTG-Polkadot Bridge (a two-way bridge between Polkadot and Bitcoin Gold). Others include a wrapped token, smart contracts integration, and a confidential smart contracts functionality.

The project team will also issue a stable BTG version of a mature lightning client to testnet and launch it on the mainnet. The ElectrumG Lightning Network Integration will follow this to enable near-instant transactions at low fees.

Bitcoin Gold is most likely building a future-proof protocol as more investors flock into the DeFi and NFT sub-sectors. The project looking to integrate smart contracts capabilities could be an ideal time to buy BTG.

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