Bitcoin Gold (BTG), a hard fork of Bitcoin has seen more than a 25000% surge in its trading volume as a result of increased attention. Considering how the trading volume has brought major attention, the price increase should not be looked over as well. Just recently, the trading price of Bitcoin Gold (BTG) managed to reach almost $19.08, but it is merely a shadow of its all-time highest mark of $500 all the way back in 2017. The existing prices are 95% lower than the record price.
As long as trading volumes are concerned, it went from one million on July 30 to almost $347 million on July 31. The initial increase represented a surge of approximately 34,600% initially, but it has been rising since then. As of now, the trading volumes have seen a surge of a massive 25,000%. It is necessary to keep in mind that Bitcoin Gold (BTG) fell victim to a successful 51% attack and a double spend, and never recovered after that. It mostly remained inactive before the attack, with the official repository staying dormant since 2019.
Reasons for the Increase in the Trading Volume of Bitcoin Gold (BTG)
The situation around the trading price has changed slightly as of the time of writing. The token has surged by a decent 13% over the previous 24 hours, and the increase has pushed the trading price up to $18.33, and the total market cap of Bitcoin Gold (BTG) currently stands at the $321 million mark. The entire week was seen to be in favor of the token as it managed to surge by 36.74% throughout that time.
Despite the surge, several analysts have failed to understand the actual reason for the rally and are mostly relying on speculation. Some experts suggest that the main catalyst behind the surge was the renewed interest in smaller tokens as well as meme coins.
While the reason for the increase remains unknown, it is fairly evident that the Bitcoin blockchain is witnessing demand only during the peak of bull markets, as transaction fees continue to rise. The on-chain analytics firm, IntoTheBlock, highlighted that Bitcoin fees rebounded by almost 37% during the previous week, with transaction numbers on way to reach the highest level since May. Similarly, Bitcoin managed to net $5.4 million in transaction fees last week.