Cryptocurrency market sentiment has risen with bitcoin ( BTC ) and ethereum ( ETH ) securing double-digit gains for the last seven days.After trading in a sideways market for nearly a month, bitcoin reached a 30-day high of $48,086 on 28 March, and was trading at $47,458 at the time of writing (30 March), according to CoinMarketCap.
On 29 March, MicroStrategy CEO Michael Saylor took a $205m loan to acquire more bitcoins amid relatively favourable market views.
Similarly, ethereum ( ETH ) reached its 30-day high of $3,470 on 28 March, and was trading at $3,399 at the time of writing (30 March), down a little more than 2% from the high.
Bitcoin gold ( BTG ), a hard fork of bitcoin, reached its 90-day high of $46.89 on 23 March and was trading at $44.39 at the time of writing, down 5% from that March peak.Can the recent positive momentum sustain and send BTG price to new highs?
Let’s consider the latest BTG cryptocurrency price analysis, recent news and developments.Together, this should help you form a plausible bitcoin gold price prediction.
What is Bitcoin Gold?
Bitcoin Gold ( BTG ) is a community-led cryptocurrency initiative built on a hard fork of bitcoin ( BTC ).
Bitcoin Gold was created as an open-source protocol with a purpose to decentralise mining of the cryptocurrency back to regular computers, as bitcoin mining became increasingly centralised among large miners with costly processing equipment.
The vision of “one CPU, one vote” formed by Bitcoin founder Satoshi Nakamoto was exploited by the manufacturers and distributors of mining equipment monopolised by a small number of entities.
In July 2017, Jack Liao, CEO of LightingAsic and BitExchange, said he was researching a Bitcoin hard fork to switch from Nakamoto’s original SHA256 algorithm to Equihash.
Satoshi’s notion of “one CPU, one vote” was substituted in Bitcoin Gold with “one ASIC, one vote”.
Unlike Bitcoin and Bitcoin Cash, Bitcoin Gold’s Equihash proof-of-work (PoW) algorithm allows miners to mine coins using common graphics processing units (GPUs) instead of relying on the more costly and specialty application-specific integrated circuits (ASICs).
Bitcoin Gold enabled many people to participate in the mining process by using widely accessible equipment made and sold by well-known mainstream firms.The algorithm aims to address the scalability issues that can affect the Bitcoin blockchain.
Bitcoin Gold is powered by BTGPay, a marketplace that connects users, merchants and e-commerce businesses that accept BTG, the network’s native token.
Bitcoin Gold news: Protocol upgrades and enhancements
Over time, the developers have shifted their focus for the evolution of the Bitcoin Gold blockchain, noting:
The roadmap for 2021 focused on four areas: interoperability with other blockchains; shifting from board-based governance to a decentralised autonomous organisation (DAO) model; infrastructure updates; and establishing a robust and effective lightning network to run on the blockchain.A lightning network is a second-layer technology applied to bitcoin that uses micropayment channels to scale its blockchain’s capability, essentially allowing participants to transfer bitcoins between one another without any fees using their digital wallets.
Partnership with Phala Network
As a step in the development of interoperability, in May 2021, Bitcoin Gold announced a partnership with Phala Network to create low-cost, trustless cross-chain bridges to the Polkadot blockchain for BTG and other bitcoin-based blockchains.Blockchains are designed to be “trustless”, which means they operate through consensus, rather than having to trust a single organisation or third party to work.
The bridges, which will leverage Phala’s confidential computing technology, will first link BTG to the Polkadot ecosystem, but are also being built so that they can work with any other tokens that run on blockchains based on bitcoin’s underlying technology, which includes litecoin (LTC) , bitcoin cash, dogecoin (DOGE) and bitcoin SV (BSV) .
BTG/USD price analysis
Bitcoin gold’s historical chart shows that despite all the price swings and volatility periods, the BTG has never climbed back to the highs of 2017.
Based on the earliest available price data from 2017, the BTG price declined from its all-time high of $539.72 on 23 October to $127.51 on 2 November, a sharp decline of more than 76%.
A strong bull rally pushed the price to $453.45 on 20 December.It closed the year 43% lower at $261.72.
What is your sentiment on BTG/USD?
The bearish period continued in 2018.
BTG’s price declined to $84.62 on 5 February and closed the year at $12.64.During the start of 2019, the BTG token continued to trade in a bearish market and declined to $9.43 on 7 February before spiking to $31.39 on 25 June.However, a strong retracement brought the price to $4.92 on 17 December.It closed the year at $5.29.The bitcoin gold chart looked flat in 2020.The coin closed the year at $8.41.
The broader cryptocurrency market was bullish during the onset of 2021, and BTG spiked from $8.49 on 1 January to $140.3 on 6 May, an increase of more than 1,550%.
However, the glory was short-lived, and its price fell to $34.18 on 22 June.It closed the year at $40.6.
The downtrend continued in 2022, and the BTG coin reached a 52-week low of $25.19 on 24 February as the broader cryptocurrency market collapsed amid the military conflict between Russia and Ukraine.
Sentiment changed.The price hit a 90-day high of $46.89 on 23 March.At the time of writing (30 March), BTG was trading at $44.39 and had a market capitalisation of $778m.
Bitcoin gold (BTG) price prediction: Targets for 2022, 2025 and 2030
The success of BTG and several other P2P cryptocurrencies such as ripple ( XRP ) and dogecoin ( DOGE ) depend on mainstream adoption.
However, according to the US Federal Reserve, the market is not there, pointing to high volatility and a lack of traceability as a few risk factors to consider.
[Federal Reserve] ’s January 2022 report: “Cryptocurrencies have not been widely adopted as a means of payment in the United States.They remain subject to extreme price volatility, are difficult to use without service providers, and have severe limitations on transaction throughput.Many cryptocurrencies also come with a significant energy footprint and make consumers vulnerable to loss, theft, and fraud.”
Could the recent bullish price trend boost the BTG price prediction? According to Altsome , on 22 March, BTG became the second-highest gainer among cryptocurrencies with a market cap of $500m to $1bn.It increased by more than 43% in the preceding seven days, reaching $41.74.
Giving a bitcoin gold outlook was Javon Marks , a crypto analyst and trader, who said on 27 March that BTG would stay positive in the medium term.
He predicted that the price could reach $141.10 in the coming days.
Based on technical analysis, the short-term BTG price prediction from CoinCodex was also bullish (as of 30 March), with 25 indicators giving bullish signals and six bearish.
The majority of daily simple moving averages ( SMA ) and exponential moving averages ( EMA ), along with the volume-weighted moving average (VWMA) and average directional index ( ADX ), were giving’ buy’ signals.
On the other hand, the Hull moving averages ( HMA ) and relative strength index ( RSI ) gave ‘sell’ signals.The Williams percent Range, stochastic RSI , and the moving averages convergence divergence ( MACD ) stayed neutral.
According to the short-term bitcoin gold price forecast from CoinCodex, the price could rise by 6.10% to reach $ 46.85 by 4 April 2022.
Meanwhile, several algorithm-based forecasting services gave longer-term bitcoin gold predictions as of 30 March:
Wallet Investor’s bitcoin gold prediction was bullish.It thought the coin an “outstanding” long-term investment.
The average price of BTG could be $85.05 by the end of 2022, $103.17 by the end of 2023 and $139.88 by the end of 2025.Its five-year BTG/USD target price suggested the coin could reach $135.34 by March 2027.
Digital Coin’s bitcoin gold crypto price prediction estimated that it could hit an average of $57.37 in 2022, $64.92 in 2023, $72.16 in 2024, $86.51 in 2025, $77.90 in 2026, $99.02 in 2027, $141.36 in 2028 and $180.80 in 2029.
Its BTG prediction expected the coin to hit $203.42 in 2030 and $237.53 in 2031.
Price Prediction supported the bullish long-term BTG crypto price prediction.However, Its projection was that the average price of BTG could decline to $38.82 in 2022, hit $55.86 in 2023, $123.77 in 2025, $763.53 in 2030 and $1,109.54 in 2031.
When looking at bitcoin gold coin price prediction, consider that analysts’ and algorithm-based expectations can be wrong.Their BTG coin price predictions are based on fundamental and technical studies of a cryptocurrency’s past performance.Past performance is no guarantee of future results.
Note that it is essential to do your research and always remember your decision to invest in bitcoin gold or any other coin depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money.You should never trade with more money you cannot afford to lose.
FAQs
Bitcoin gold (BTG) was launched in 2017 as a hard fork of bitcoin and is used as digital currency in peer-to-peer payments.
Since its inception, it has returned a negative ROI of nearly 91%, according to CoinMarketCap as of 30 March 2022.However, its price action has been bullish in the past month and the token rose 50% to $44.39 at the time of writing.
Whether BTG has the potential to be in your portfolio depends on your circumstances and risk tolerance.Before trading BTG, you should estimate the level of risk you are ready to take.And never invest money you cannot afford to lose.
According to Price Prediction (as of 30 March 2022), the coin could reach $1,109.54 by 2031.
In their BTG coin price predictions, algorithmic forecasting services Wallet Investor, Digital Coin and Price Prediction (as of 30 March) suggested the coin had the potential for gains.Price Prediction estimated that the BTG token could exceed $500 by 2029.
According to Wallet Investor, it could hit 85.05.
Digital Coin predicted it could hit an average price of $57.37.Price Prediction, on the other hand, suggested the BTG token could decrease to $38.82 in 2022..