Bitcoin gold works on the PoW consensus, where the algorithm works as a bridge between the output block and the free storage. This way, what happens is that the ASIC machines slowly become obsolete before even reaching their full capability. Miners with regular hardware will then be favored as the rewards system becomes decentralized.
Bitcoin gold, like Monero, prioritizes the anonymity factor. Unlike BTC or ETH, it does not disclose the wallet address. Moreover, BTG performs much faster processing than BTC by introducing increased block size and anonymity.
However, with that being said, BTG still possesses some similarities with BTC that reflect both its functioning as a currency and a platform for developing crypto. BTG also functions as a marketplace for investing in digital assets, a settlement for services and goods, and a facilitator that encourages independent remittance mechanisms.
Bitcoin gold hit its all-time high in 2017 when it crossed the $500 mark. After reaching the peak price of $539, BTG declined to around $125, which was a considerably sharp decline of more than 75%. In late 2017, however, due to a strong bull rally, the coin pushed its value to around $450 but closed the year at around $260.
In 2018, the bearish trend continued, causing the price to drop to $84. BTG closed 2018 at around $12.
2019 was also bearish for BTG, where the coin declined even more and dropped below the $10 mark. In the second month of this year, BTG started to rise a little and crossed the $30 benchmark. However, later this year, the price of BTG fell to around $4 and closed the year at $5.
While 2020 was like a flat line for BTG, in 2021 the coin spiked drastically, making the coin reach from below $10 to above $100, increasing over a whopping 1500%.
In 2022, however, the downtrend of BTG started to begin, when it dropped to $25 after the Russia-Ukraine conflict. In March, when the coin was slowly starting to rise again, the collapse of Luna happened, causing the coin to drop around $15.
If you are wondering, "How much is one bitcoin gold today?" then the answer would be $12.43 as of June 5, 2023. The bitcoin gold price today doesn’t differ much from that of 2022, while the market cap is $217,703,754.
Similar to Bitcoin, there are certain factors that influence the current price of bitcoin gold. For example:
Other reasons include: