Every weekend has at least one cryptocurrency which gets pumped for no apparent reason. Whereas this usually pertains to smaller currencies, it seems this weekend is Bitcoin Gold’s turn. More specifically, the Bitcoin Gold price has increased by 50% over the past 24 hours, even though there is zero reason for this development. It is evident some group of people want to inflate the Bitcoin Gold price and market cap, but this momentum won’t last all that long.
Ever since Bitcoin Gold launched, a lot of people have been wondering what purpose this currency serves exactly. It is not an easy question to answer, other than it being another Bitcoin hard fork. In terms of solutions, unique features, or mass merchant adoption, there is nothing that sets BG apart. For some reason, the Bitcoin Gold price is getting a massive pump all of a sudden. People who buy in near the top will get burned eventually, though. Where that top lies, is anybody’s guess at this time.
To be more specific, the Bitcoin Gold price has increased by 50.37% over the past 24 hours. That is a clear sign this is just a pump-and-dump scheme, rather than natural growth. Especially when considering how the Bitcoin Gold price has been stuck around $300 and lower for several weeks now. Although all markets are recovering, a 50% overnight increase is anything but normal, even in cryptocurrency. Then again, this altcoin may soar to $500 or more, for all we know.
Additionally, Bitcoin Gold also notes a 44% gain over Bitcoin in the same time period. We all know how Bitcoin has become a victim of its own success, with high fees and transaction delays. As a result, most altcoins tend to surge in value, albeit in far less spectacular fashion than Bitcoin Gold is showing right now. While these gains result in solid profits for those who bought BTG at under $300, it remains to be seen if there is much room for further growth. The high of $362 was rejected almost immediately, which is only normal.
Thanks to just over $901m in 24-hour trading volume, the Bitcoin Gold price has noted such spectacular gains. It is uncanny how the cryptocurrency world works these days, as currencies with no added value soar overnight whereas coins with proper technology and upcoming developments are often ignored. Whether or not this current Bitcoin Gold price pump is warranted, will always remain subject to debate. So far, it seems nothing more than a blatant pump, but the cryptocurrency industry works in many strange and mysterious ways.
Not surprisingly, over 60% of the Bitcoin Gold trading volume comes from Bithumb. This exchange’s price is no longer part of the global average, thus it has very little impact. Binance and Bittrex complete the top three as of right now. None of these platforms generates over $90m in volume, mainly because there is little to no interest in Bitcoin Gold right now. Moreover, it also shows there is no real influx of fresh capital for BTG, as both Binance and Bittrex trade this altcoin against Bitcoin.
What the future holds for the Bitcoin Gold price, remains shrouded in mystery. It is certainly possible this altcoin will pump to $400 or more this weekend, even though things could easily head the other way as well. Nothing makes sense in the cryptocurrency world these days, as is illustrated by this Bitcoin Gold pump. There’s good money to be made, but those already in profit should ensure they can get their earnings out before this entire trend collapses again.