While numerous so-called ‘dino’ cryptocurrencies have begun to reawaken, the Bitcoin fork known as bitcoin gold (BTG) has experienced an astonishing rise of 140.31% within the last 24 hours. On Saturday, this digital asset oscillated between an intraday low of $9.30 and a high of $23.27.
South Korea’s Upbit Drives Bitcoin Gold Mania
Years ago, on Oct. 24, 2017, a collective of individuals bifurcated the Bitcoin software, birthing a new asset and blockchain christened Bitcoin Gold (BTG). The initial intent behind BTG was to foster greater decentralization, enabling proponents to mine the cryptocurrency using GPUs (graphics processing units). Nonetheless, the network has suffered from multiple 51% attacks in 2018 and 2020, casting a shadow over its reputation, akin to other networks like Vertcoin, Verge, and Bitcoinsv that have endured similar assaults.
This weekend, bitcoin gold (BTG), the native cryptocurrency of its network, rose an astounding 140.31% against the U.S. dollar. The token emerged as the day’s supreme performer in terms of overall percentage gains over the past 24 hours, standing alone as the only cryptocurrency to achieve triple-digit growth. Intriguing indeed, this climb coincides with Upbit’s announcement to delist BTG on Jan. 23. Upbit, a South Korean trading platform, is currently witnessing significant trading activity and a premium on BTG.
For example, the weighted global exchange rate for BTG stands at $19.01, yet on Upbit, it fetches $24.75. As of 9:00 p.m. Eastern Time on Saturday, it reigns as the leading coin on Upbit. Interestingly, on the rival exchange Bithumb, BTG trades at $18.90 without a premium, yet it still holds the title of the most traded coin there. In fact, the majority of BTG’s trading volume originates from South Korea, with Upbit recording $1.31 billion in BTG transactions over the last day, while Bithumb observed $232 million
Bitcoin gold’s (BTG) brief resurgence, fueled by speculative trading in South Korea, highlights its fading relevance in the broader cryptocurrency ecosystem. The stark contrast between its meteoric 24-hour gains and Upbit’s imminent delisting underscores a grim reality: BTG’s narrative has shifted from innovation to obsolescence. Despite the fleeting spike, the project appears to be a relic of a bygone crypto era.
