Bitcoin Gold, the latest breakaway from the popular cryptocurrency, is now live. The first thing it did? Dropped in price, severely. But let’s get the formalities out of the way first.
Bitcoin Gold, or Bgold, officially went live on November 12 2017. It was created as a way to counter Bitcoin’s mining centralisation. Public mining has begun, and the media are reporting that already multiple mining pools have been opened.
Aside from the pools, the code has also been released on GitHub.
Once live, the price of the new coin experienced significant volatility. Just before the launch, exchanges launched futures tied to bitcoin gold, whose prices were exceeding $500 in value. At the moment of writing, Bitcoin Gold was worth $294, according to Coingecko.
At the same time, Bitcoin experienced drama as well. On November 9, it hit its all-time high at $7,800 per coin. The reason for this price surge was the announced Segwit2x fork. After the fork was cancelled due to lack of overall support from the community, the price started plummeting, falling $2,000 to $5,800 before recovering to its current $6,400.
It has been one hell of a November in the cryptocurrency universe. Bitcoin Cash, another bitcoin hard fork, replaced rivals Ethereum as the second largest cryptocurrency by market cap, although for a short period of time. Ethereum’s founder, Vitalik Buterin, congratulated Bitcoin Cash founders, adding “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.”
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