After the bumpy launch, Bitcoin Gold price has been on a rollercoaster, yet, the cryptocurrency has risen significantly. While many are feeling skeptical about this digital currency, we look into
28 November,AtoZForexWe bet you have already heard about Bitcoin Gold, one of the designed Bitcoin alternatives. What is Bitcoin Gold?
This cryptocurrency aims to deliver the following two points:
It aims to change how mining process works. Bitcoin Gold will ultimately eliminate the necessity of usage of powerful mining machines (ASICs).
It also looks into attracting more people into the system. The primary goal here is also to free the Bitcoin network from the large companies that offer these products. Bitcoin Gold believes that these firms have a certain impact on the network.
Bitcoin Goldaims to make Bitcoindecentralized again.This could make the network more accessible to users.
After the cryptocurrency went live, even withsome complexities, it has been on a bumpy ride. Moreover, some of the industry experts suggest that Bitcoin Gold might lose its shine soon. The firth biggest cryptocurrency in the world in terms of the market cap might see a correction in its price, according to the industry experts.
Bitcoin Gold Price Prediction: Correction on the way?
Bitcoin Gold has seen a rally that led it to a record high of$413.74on the 24th of November. It also has doubled in price since the 19th of November. In spite of this success, the Bitcoin Gold now Is facing a lot of skepticism from the investors community. Specifically, some of the experts question the real role of the cryptocurrency.
Some of the comments on the social media have been highlighting that Bitcoin Gold might be overpriced. In fact, the price action analysis of Bitcoin Gold suggests that there is a correction on the way. As of now, Bitcoin Gold price stands at$353.02.
Bitcoin Gold price has failed to break through the resistance level at around $360, thus breaking the rising trend line. Market experts see such move as an exhaustion of the cryptocurrency, suggesting the potential drop to$250 levelsin the short run.
Yet, a break above $400 could fuel a rally to new record highs above$480 levels.
Think we missed something? Let us know in the comments section below.
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ , nor should they be attributed to AtoZMarkets.
Enter your email address to get the latest news, updates, and exclusive advice from the experts.
You will be the first to receive all the latest news, updates, and exclusive advice from the AtoZ Markets experts.