Investors buy wrong Bitcoin endash Bitcoin Gold (BTG) up 173 percent

Bitcoin Gold (BTG), a long-forgotten currency that broke away from the Bitcoin (BTC) network by a hard fork, rose almost 200 percent in a week. Moreover, this is because investors buy the wrong currency.

Bitcoin Gold, which was formed with the bifurcation process in 2017, captured transaction volumes exceeding $ 250 million. The altcoin, which earned 30 percent for 30 days, traded at $ 113, the highest price since February 2018.

Bitcoin Gold earned 173 percent in a week

There is neither innovation nor a move by its developers behind the success of Bitcoin Gold, which has not been mentioned for a long time.

Created by Brazilian investment bank BTG Pactual, the Bitcoin fund teamed up for custody management of Winklevoss twins on the Gemini exchange. Although it has nothing to do with Bitcoin Gold, Brazil’s largest investment bank shared the value of the altcoin. Buyers perceived this as a sign.

After the Gemini news was published, Bitcoin Gold saw a wave of demand. This indicates that the cryptocurrency industry is still in an early stage.

“People are in a hurry to buy Bitcoin Gold (BTG) because a new fund has been created called BTG Pactual,” said podcast host Anita Posch. told.

“No, not cheap Bitcoin!”

By contrast, Bitcoin Gold, which announced a partnership in late March, said almost nothing for the price action.

Hourly candlestick chart for BTG / USD pair (Binance). Source: Tradingview

It has nothing to do with bitcoin

In 2017, when Bitcoin Gold, Bitcoin Cash (BCH), Bitcoin Diamond (BCD) and other alternatives emerged, Bitcoin experienced many hard forks.

Unlike its predecessors, the currencies formed as a result of the bifurcation had limited success. Some supporters have implemented aggressive marketing by positioning the bifurcated currencies as real Bitcoin. However, these deceptive acts were not successful.

As Cointelegraph, we remind you once again that; Buying Bitcoin Gold, Bitcoin Cash or any other coin other than BTC means buying altcoins, not Bitcoin.

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