This Bitcoin Knockoff Is Up 24% With Massive Volumes Even As Major Cryptos Slide

Bitcoin Gold (BTG), a knockoff of Bitcoin BTC/USD soared nearly 24% intraday even amid plunging valuations of the two-largest coins by market cap.  

Massive Volume Spike

BTG 24-hour trading volumes spiked 2650.9% to $230.21 million, according to data from CoinMarketCap BTG was the top 24-hour gainer on the price-tracking website.

The 24-hour BTG-Tether (USDT) volume on Binance shot up to its highest level since June 2021, according to data from TradingView.

The Knockoff Effect

BTG soared earlier in March as investors searched for low-priced alternatives to the apex cryptocurrency Bitcoin.

Bitcoin Gold is a hard fork of Bitcoin and focuses on decentralized mining. It came into existence in October 2017. 

The knockoff coin can be mined with Graphics Processing Units (GPUs) instead of specialty Application-Specific Integrated Circuit Miners needed for Bitcoin mining, according to the project’s website.

Bitcoin Gold On The Web

The price appreciation in BTG got the attention of Twitter users on Monday. 

$BTG
55% in 7 hours
Is that what the bear market looks like? Doesn't look bad to us! #BTG #bitcoingold #binance #CryptoSignals pic.twitter.com/TOdf11x37s

— Crypto Koryo (@CryptoKoryo) May 23, 2022

Best Performing Coin of the day: BTG BitcoinGold#BTG #BitcoinGold $BTG #crypto pic.twitter.com/NNVmibp6R7

— memorable highs (@memohighs) May 23, 2022

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