One of the biggest risers in the crypto market last week was Bitcoin Gold (BTG). Bitcoin Gold is a so-called hard fork of Bitcoin (BTC) that originated in 2017, just like Bitcoin Cash (BCH).
Bitcoin Gold had in mind to make mining fairer, but the price of BTG completely collapsed in early 2018. There seemed to be no recovery in sight for the stock until last week.
The BTG rate rose by no less than 170% this week and again 25% last night. Bitcoin Gold thus breaks through $ 100 for the first time since March 2018.
However, that has not much to do with the altcoin itself, but probably because investors put their money in the wrong product. Recently, BTG Pactual announced the first Brazilian Bitcoin fund.
BTC Pactual will partner with Gemini, the Winklevoss twins’ crypto exchange, which will serve as the custodian, or storage service, for the fund:
The confusion arises because the fund and Bitcoin Gold have the same stock market ticker: BTG. Hungry investors immediately put their money in BTG, without checking whether it is the right product. It is also possible, of course, that some investors saw this confusion coming and are trying to respond to it.
This is further confirmed by the fact that the Bitcoin Gold project made a grand announcement at the end of March to build a bridge between Bitcoin Gold and Polkadot (DOT) together with Phala Network. At that time there was no movement in the price.