Update (11/03/2019): Bitcoin Gold member Edward Iskra reached out to us to clarify some points regarding the current BTG markets. According to Iskra, the peculiar dip and recovery we mention were caused by incorrect data used by CoinMarketCap, which has seen been corrected. Beyond this, Iskra acknowledged that communication regarding current progress could be more transparent, but reaffirmed that developed is, in fact, ongoing.
Despite fading considerably since its launch in mid-2017, Bitcoin Gold (BTG) has managed to pull off a sudden turn of events — gaining more than 8% in 24 hours as the markets rally.
Since November 2018, BTG times appear to have been tough for the infamous Bitcoin off-shoot, with the asset losing more than 70% of its value as interest waned and competition increased.
Since the spike, Bitcoin Gold has somewhat stabilized at around $12.60 but appears to be entering into a bearish falling wedge as its bullish momentum failed to rekindle after a brief pullback last night.
Curiously, this 8% spike was not accompanied by a significant increase in trade volume, indicating very few players are involved in making and breaking this upward swing, which just so happens to be an almost exact reversal of the bearish dip observed between March 2nd and 3rd.
Because of this, it appears that bearish pressure is again mounting around Bitcoin Gold, with the coin likely to take a tumble back to its pre-pump low of $11.80, providing an opportunity for shorts. That being said, there is a small arbitrage opportunity with this coin at the moment, though we urge caution as always.
Buy at #Koineks and sell at #Cex. Ratio: 4.17%
Buy at #Koineks and sell at #Bitfinex. Ratio: 4.70%
Buy at #Koineks and sell at #HitBTC. Ratio: 2.15%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) March 6, 2019
With very little in the way of active development and adoption, the long-term prospects of Bitcoin Gold look bleak, since the current trade value appears to be maintained almost entirely by speculative traders, rather than real-world utility.
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