Bitcoin Gold (BTG) Skyrockets to New Yearly High. What Could Have Caused it?

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Last Updated on 4 March 2024 by CryptoTips.eu

While the general crypto market is down in a bearish trend, Bitcoin Gold (BTG), currently the 99th largest cryptocurrency on Coin Market Cap has drawn attention with its impressive price movements.

The asset rose to a yearly high of over $21 on 31 July, a level it has not reached in over a year. This is backed by a massive increase in trading volume of over 25,000%, indicating a sudden interest in the asset.

Such interest is usually triggered by an announcement, or something the project is doing that makes it attractive. However, BTG hasn’t done anything to attract such attention, narrowing the explanation to just one thing.

Advertentie.

Investors looking to smaller assets

BTG has been worth hundreds of dollars in its existence, but has dropped to as low as $12 as the bear market hit after the 2021 bull market. This has reduced the price, making it one of the assets that investors can still find affordable.

A crypto analyst known on Twitter as ‘Satoshi Club’ said the rise in BTG price could be due to investors going to it as a smaller asset. 

Bitcoin Gold (BTG) surges 37% in 24 hours, hitting $19—its highest single-day gain since July 2022. While the exact reason for the rally remains mysterious, it seems to stem from a renewed interest in smaller tokens, including memecoins.

He wrote.

As a result, the asset has gone up over 38% at the time of writing this report, and 12% in the last 24 hours. The increase in volume validates the price gain, meaning that BTG could go much higher if the volume is sustained.

Top assets down

At the moment, most of the top crypto assets are at a disadvantage, led by Bitcoin which has dropped below $29,000 for the first time in months. If Bitcoin continues on the downward trend, the top crypto assets may see worse days.

However if the trend reverses, they may also bounce back together with Bitcoin. For now, the smaller assets may be taking the day as investors seek to enter the market at lower prices in anticipation of a market recovery.

hello.artmagination.com / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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