One hard fork Bitcoin (BTC) known as Bitcoin Gold (BTG) suddenly saw a jump of almost 200% in a week. Not sure why but there are allegations that the surge occurred because investors have misunderstood.
On April 9, BTG recorded a trading value at $ 113, the highest level since February 2018 after a 30% increase in daily record in line with trading volume peaking at $ 250 million.
This misunderstanding began on Tuesday as the newest Bitcoin fund set up by Brazilian investment bank BTG Pactual approached launch day this week after partnering with Gemini exchange for custody rights management.
Initially it had nothing to do with Bitcoin Gold but the bank at the same time also shared the token ticker, causing BTG to suddenly come to the attention of investors.
As a result, the demand for Bitcoin Gold rose high and there were no signs of a recession. At the time of writing, BTG is trading at $ 106.21 with a jump of over 38% in 24 hours.
For the record, Bitcoin Gold in late March had announced a partnership with Phala Network but failed to drive the token price spike.
Bitcoin Gold is one of the Bitcoin hard forks developed in 2017, along with Bitcoin Cash (BCH), Bitcoin Diamond (BCD) and others.
Unlike Bitcoin’s superiority, the success of those tokens is somewhat limited. For example BCH constantly loses its value compared to BTC.
