This article will analyze the BTG coin according to www.coinmarketcap.com data. First, we will discuss the BTG coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
Contents
What is BTG Coin?
Bitcoin Gold (BTG) is a cryptocurrency that was created in 2017 as a hard fork of the original Bitcoin (BTC) blockchain. The goal of Bitcoin Gold was to create a more decentralized and democratic version of Bitcoin by changing the mining algorithm and allowing individuals to mine using their home computers instead of specialized mining equipment.
What are the projects of BTG?
The main project of Bitcoin Gold is to create a more accessible and fairer Bitcoin by promoting decentralization and democratization in the mining process. They also aim to increase the adoption of Bitcoin by making it easier to mine for the average person and increasing the speed of transactions.
Factors Influencing BTG Price
The price of Bitcoin Gold is influenced by several factors, including:
Market demand: The fundamental law of supply and demand applies to cryptocurrencies, and the price of Bitcoin Gold is no exception. If demand for BTG increases, the price will likely rise as well.
Bitcoin market trends: As a fork of Bitcoin, the price of Bitcoin Gold is often influenced by overall trends in the Bitcoin market. If Bitcoin’s price rises, BTG’s price may increase, and vice versa.
Mining difficulty: Since Bitcoin Gold’s mining algorithm is designed to be more accessible, changes in mining difficulty can significantly impact the price of BTG. If mining becomes more accessible, the price may decrease; if it becomes more complicated, the price may increase.
Network security: Security concerns, such as 51% attacks, can also impact the price of Bitcoin Gold. If the network is vulnerable to attacks, investors may lose confidence in the project, leading to a decrease in price.
Competition: The cryptocurrency market is highly competitive, and the emergence of new projects or the success of existing ones can impact the price of Bitcoin Gold.
BTG COİN TECHNICAL ANALYSIS
BTG coin, which entered a downtrend from $ 135 in May 2021, decreased by 93% until the beginning of 2023 and fell to $ 11.12. BTG, which started to rise with the purchase in the market at the beginning of 2023, is currently trading at $ 14.30. According to www.coinmarketcap.com data, BTG, which has a size of $248,821,493, has had a volume of $2,883,520 in the last twenty-four hours.
BTG Chart Analysis
BTG, which fell from $ 135 to $ 11.12 with a decrease of 93%, tried to recover as of January 2023; when we examine its weekly chart, we see that it still could not break the falling trend (red line). BTG is likely to face selling pressure as it stays under the downtrend, while the support zone this week is $1.12, while the weekly resistance zone is $14.65.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
