As predicted right here here on Steem a few weeks ago, Bitcoin Gold (BTG) came out with a whimper. The dumpers dumped on the only places they could; second tier exchanges. At one point, BTG went down to the $70 range on Hitbtc! Of course, all of that changed when BTG was listed on Bittrex. This surprise move saw the price oscillate rapidly before settling into the mid $200 range.
Since, as previously noted, BTG has chosen a proven, ASIC resistant Equihash algorithm there is a real opportunity to move a measurable chunk of mining into the hands of the individuals. Naturally, this won’t be popular with the industrial mining companies, particularly Bitmain and other Chinese organizations. This does, however, present an interesting opportunity for Genesis Mining, as they are an all-GPU based operation.
Now that the initial excitement has past, I expect a weakening trend in BTG for the next few days. My strategy will be to buy into the dips below $200 and HODL for the imminent listings on Korean and Japanese exchanges. Once this occurs, the pattern would be for a post-listing pump to follow shortly thereafter.
What are your plans with your own BTG? Please let me know in the comments below.
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DISCLAIMER: These are my opinions and not to be construed as investment advice. All investments in crypto carry substantial risk and should only be undertaken with money that you can absolutely afford to lose. Consult your investment adviser and/or significant other before making any investment in anything.