Bitcoin Gold (BTG), a knockoff of Bitcoin (CRYPTO: BTC) soared nearly 24% intraday even amid plunging valuations of the two-largest coins by market cap.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 23.9% |
| 24-hour against Bitcoin (CRYPTO: BTC) | 27.6% |
| 24-hour against Ethereum (CRYPTO: ETH) | 26.6% |
| 7-day | 24.5% |
| 30-day | -27.9% |
|
YTD-performance |
-41.3% |
Massive Volume Spike
BTG 24-hour trading volumes spiked 2650.9% to $230.21 million, according to data from CoinMarketCap BTG was the top 24-hour gainer on the price-tracking website.
The 24-hour BTG-Tether (USDT) volume on Binance shot up to its highest level since June 2021, according to data from TradingView.
The Knockoff Effect
BTG soared earlier in March as investors searched for low-priced alternatives to the apex cryptocurrency Bitcoin.
Bitcoin Gold is a hard fork of Bitcoin and focuses on decentralized mining. It came into existence in October 2017.
The knockoff coin can be mined with Graphics Processing Units (GPUs) instead of specialty Application-Specific Integrated Circuit Miners needed for Bitcoin mining, according to the project’s website.
Bitcoin Gold On The Web
The price appreciation in BTG got the attention of Twitter users on Monday.
$BTG
— Crypto Koryo (@CryptoKoryo) May 23, 2022
55% in 7 hours
Is that what the bear market looks like? Doesn't look bad to us! #BTG #bitcoingold #binance #CryptoSignals pic.twitter.com/TOdf11x37s
Best Performing Coin of the day: BTG BitcoinGold#BTG #BitcoinGold $BTG #crypto pic.twitter.com/NNVmibp6R7
— memorable highs (@memohighs) May 23, 2022
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