While many cryptocurrencies have recently experienced a resurgence, the Bitcoin fork called bitcoin gold (BTG) has seen an astonishing rise of 140.31% in the last 24 hours. On Saturday, the value of BTG fluctuated between a low of $9.30 and a high of $23.27.
The rise in BTG’s value can be attributed to the announcement by South Korean trading platform Upbit that it will delist BTG on January 23. Upbit is currently experiencing significant trading activity and a premium on BTG.
For example, the global exchange rate for BTG is $19.01, but on Upbit, it is being traded at $24.75. As of Saturday evening, it is the leading coin on Upbit. Interestingly, on rival exchange Bithumb, BTG is traded at $18.90 without a premium, yet it remains the most traded coin there. The majority of BTG’s trading volume is coming from South Korea, with Upbit recording $1.31 billion in BTG transactions in the last day, while Bithumb observed $232 million.
However, the recent surge in BTG’s value, driven by speculative trading in South Korea, highlights its diminishing relevance in the wider cryptocurrency ecosystem. The contrast between its significant gains and the upcoming delisting on Upbit suggests that BTG has transitioned from being seen as innovative to being considered obsolete. Despite the temporary spike, the project seems to be a relic of the past in the crypto world.
