Bitcoin Gold (BTG/USD), a cryptocurrency that came to be after a Bitcoin (BTC/USD) hard fork in 2017, has been performing well despite the overall bearish sentiment in the crypto market. With most coins in the top-10 list of leading cryptocurrencies, including BTC, bleeding today, BTG opened the day with substantial gains. Earlier today, the coin recorded gains of up to 11% over the past 24 hours.
However, the price has corrected downwards at the time of writing and BTG is changing hands at $57.26 (£41.19) with an 8.19% change in the past 24 hours. This price depicts a 20.74% rise over the past seven days when the coin was trading between $42.00 (£30.21) and $50.00 (£35.97).
Since the start of the year, BTG has risen by more than 700%. However, this bullish performance has not seen the coin inch closer to its October 23, 2017, all-time high (ATH) of $539.72 (£388.24). While other cryptocurrencies breached their ATHs during the crypto market’s recent boom in April and May, BTG only managed to surge as high as $169.19 on May 5 before plunging.
At the moment, BTG is the 78th-largest cryptocurrency by capitalization with a market cap of $994,394,620.00 (£715,302,853.98).
Notable events behind BTG’s performance
BTG’s rise this year is backed by several factors. The most significant boost to the coin’s price came in April when people confused BTG for a newly-launched BTC fund by Brazilian Investment bank BTG Pactual. After the bank announced the launch of the fund, crypto investors mistakenly rushed into the BTG market, forcing the coin to surge by more than 200% in a week. Although BTG and BTG Pactual have no association whatsoever, this development saw BTC trade as
