It is evident the Bitcoin price will continue to struggle for some time to come. As a result, virtually every other cryptocurrency and asset is surging in value. The Bitcoin Gold futures have noted a 142% gain over the past 24 hours. That in itself is pretty remarkable considering the currency still hasn’t been released. It will be interesting to see how these futures affect the actual BTG price starting tomorrow.
A futures market is never a validation of the future price of anything. Especially in the Bitcoin world, futures prices and market values are often very different. This is not a big surprise by any means, as futures are incredibly speculative. People are making some good money with the Bitcoin Gold futures right now, though. Early believers have made a nice 142% profit over the past 24 hours alone.
Bitcoin Gold Will Shake Things up yet Again
This value of $450 per BTG is pretty spectacular, to say the least. It is unclear if this altcoin is even worth that much. Just because it has the Bitcoin name doesn’t mean it will astonish a lot of people. Then again, people are looking for alternatives that aren’t Bitcoin first and foremost. More specifically, there is a major grudge against Bitcoin Core. A lot of people aren’t too happy with SegWit either. More specifically, the lack of adoption of this scaling solution. They should lame service providers for that rather than developers, though.
The future of Bitcoin Gold remains shrouded in mystery. It is a currency with a premine, which people tend to forget. This premine means a lot of coins could get dumped if the price is right. With a value of $450, that may happen a lot sooner than people think. A lot of people will try to liquidate their BTG from day one as well. It is a free token which means free money. However, it seems this value is derived from the Bitcoin price, which may continue to go down for some time to come.
All things considered, these are crucial times for the survival of Bitcoin. Although things have not deteriorated too much yet, there is some stiff competition right now. Bitcoin Cash is dominating the cryptocurrency discussions. Bitcoin Gold is waiting to be released to the masses. We may see some very strange market activity over the next few weeks, that much is evident. How things will look come early 2018, remains to be determined. No big changes are expected but there may be some surprises to keep in mind moving forward.
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