Bitcoin Gold Price Drops on the First Day of Trading

On the first official day of trading, bitcoin gold price crashed by 62%. Bitcoin gold [BTG] is an altcoin that will have a shared blockchain history with bitcoin.

bitcoin coin chart
credit: coinmarketcap

On October 24, 2017, bitcoin users experienced a freeze of their corresponding bitcoin gold wallets following the release of the Bitcoin Gold mainnet. Bitcoin gold’s developers are pre-mining approximately 100,000 coins for the development of the network. Even though BTG network is not launched officially some major exchanges such as Bitfinex and HitBTC are providing credits to users in the form of BTG balances and added trading pairs but the execution is possible only after establishing a stable mainnet.

BTG had shot up near $500 level when the order books opened. The price shed about $100 dollars in the following 16 hours but began to crash on Tuesday at 14:00 UTC. The altcoin then faced a steep decline from $275 to stable point between $140 and $150. Currently, the bitcoin gold price is $144 which shows the first day-and- a-half on the exchanges has not fared well.

credit: coinmarketcap

The 24-hour BTG volume is $24 million even though there is limited access to trade. Currently, BTG has topped 15 most-traded cryptocurrencies. Price varies drastically between exchanges such as Bitfinex and HitBTC where the vast majority of this trading is concentrated. On Bitfinex, bitcoin gold is trading below $120, HitBTC is trading at $198 and YoBit prices it as high as $242.

It is unreasonably early to estimate the achievement or disappointment of BTG in light of these early insights, however numerous bitcoin holders — a large portion of whom don’t keep their coins on exchanges — plan to sell their coins when they can get to access them, so it doesn’t look good for the coin’s fleeting prospects that it is exchanging so low before deposits have even been enabled.

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