A Good Day for Gold and Cash; Bitcoin Hardforks Lead Market

Bitcoin fork

Bitcoin Cash (BCH) and Bitcoin Gold (BTG) are both leading the cryptocurrency market with their price gains for Thursday, September 27th (excluding the newly arrived Eternal Token (XET)).

Bitcoin Cash (BCH) can attribute its 31% spike for the day to the recent application by Bitmain to launch an initial public offering for shares in its mining juggernaut, the implications of which for BCH can be read here.

Bitcoin Gold (BTG) on the other hand is feeling the boon of a 22% spike as BTG today gained a KRW pairing on Korean cryptocurrency exchange, Bithumb. Already the BTG/KRW pair has taken up most of the Bitcoin Gold market, accounting for 33% of the day’s volume from Bithumb alone.

Bitcoin Gold was hardforked from the original Bitcoin blockchain in late 2017 as a response to the prevalence of ASIC miners on BTC. Bitcoin Gold aims to restore the vaulted principle of one CPU equals one vote – an ideal that has proved difficult to attain ever since it was laid out in the original Bitcoin whitepaper.

Investors’ Confidence and Reduced Fees

As per the Bitcoin Gold twitter feed which today celebrated the launch of the BTG/KRW pair on Bithumb:

“Bithumb Korean exchange adds abundant liquidity to the $BTG Market, showing Korean investor’s confidence! -Available pair: BTG/KRW -Trading Fee: 0.15%.”

On Thursday BTG climbed from a price of $22.23, up to a daily peak of $27.20 fuelled by $24 million in trade volume – the highest since July. Just over one third of that volume comes straight from Bithumb’s BTG/KRW pair, while Upbit’s BTG/KRW pair also accounts for 9% of the daily market.

Whether it was the confidence of Korean investors that gained the listing or not, BTG can consider itself lucky to gain such liquidity. The XRP (XRP) surge last week, as well as the subsequent Stellar (XLM) and Cardano (ADA) spikes can lay a lot of thanks at the door of the Korean won, which fuelled the majority of those recent runs.

Bitcoin Cash Continues to Climb

BCH has continued its spike right throughout the day, spiking at a price of $585.86 at around 13:00 UTC this afternoon. That’s up 31% from the twenty-four hour low of $444.23.

The majority of BCH trades today have come against USDT, and that remains true even if we exclude the half billion worth of excluded trade volumes from the BitForex BCH/USDT pair. Overall trade movements increased 313% for BCH as volumes rose from $343 million to $1.4 billion – the highest volume of trades witnessed in BCH since the spike of April-May.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.