Bitcoin Gold Surged 173% As Traders Could Be Buying The Wrong BTG

Bitcoin gold surged 173% in the past few days because investors could be mistakenly linking the bank with the 2017 BTC hard fork and now the traders are buying the wrong altcoin as we read in today’s Bitcoin news.

The forgotten BTC Hard fork surged almost 200% in one week because traders started buying the wrong altcoin. Bitcoin Gold surged this week as a relic of the 2017 forking seasons as it traded at $113 which is the highest price since February 2018 after the 30% daily gains with the trading volume topping $250 million.

But it seems that the Bitcoin gold success is not genuine but it is also not the fault of holders or developers. A new Bitcoin fund from the Brazilian investment bank BTG Pactual moved a step closer to launching after it teamed up with the Winklevoss Twins’ Gemini exchange for custody management. While still having nothing to do with Bitcoin gold, the biggest investment bank shares the altcoin ticker and the coincidence was enough for the buyers. After the Gemini news broke out, Bitcoin Gold saw plenty of demand but reactions followed and showed that the crypto industry was still in its nascent phase. Podcast host Anita Posch warned the Twitter users:

 “We’re so early that people buy Bitcoin Gold BTG, because there is a new fund called BTG Pactual.”

Bitcoin Gold announced its actual partnership last March but it didn’t do anything for its price action. BTG came as one of the few forks of Bitcoin in 2017 and spawned Bitcoin Cash, Bitcoin Diamond and more. Unlike their parent, the forks achieved limited success. BCH for example is still losing value in BTC terms.
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Some of the proponents adopted an aggressive marketing stance which positions the fork as BTC itself, posing as a misleading move that contributed to the demand.

As recently reported, As previously reported, The team of the BTG developers introduced a new soft work that is called ‘’Cross-Chain Block Notarization Protocol’’ in order to fight away any 51% attacks going forward. The forked cryptocurrency known as BTG captured the attention of the entire crypto community for a number of reasons. During the last week of January, Bitcoin Gold’s blockchain got attacked after malicious miners were able to double-spend more than $72,000 worth of BTG at the time. The last time that Bitcoin Gold was attacked and lost more than $18 million worth of BTG while many of the speculators blamed the hashrate rental service Nicehash for the problems.