Jan 11, 2019 07:30 UTC
Jan 11, 2019 at 07:30 UTC
As you take stock of your cryptocurrency portfolio at the beginning of the new year, it’s time to consider fresh investments. Will Bitcoin Gold be a good investment in 2019? The answer is tricky but analysing its potential step by step should help.
In this article, we will quickly take a look at what the current price of Bitcoin Gold is, how it has fared over the past days and so on.
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Where Does Bitcoin Gold Currently Stand?
At the time of writing, one unit of Bitcoin Gold (BTG) is priced at a meagre sum of $11.79. Its market cap position also is not too great to write home about as it is currently at the 26th spot.
If a crypto coin slips from the top 20 of cryptocurrencies, in terms of market cap, we can say little in praise of how the crypto coin has been faring so far.
As of now, Coinmarketcap.com records a steep fall of 12.07% in the price of Bitcoin Gold. This fall is quite in keeping with the other crypto price falls in the same chart. Even the top players have seen a substantial chip in terms of prices.
Bitcoin Gold: Past Trends
Last year, on 11th January, the price of Bitcoin Gold was $243.88 at its highest throughout the day. Since then, as is very obvious, there has been a very very steep fall.
Over 2018, Bitcoin Gold has been struck with sharp blows from the crypto winter and its price has steadily declined. From the over-$200 price point in January, BTG slipped to a position below that range on 25th January, 2019.
A fall to under $100 came in March and despite some small efforts to climb up the tricky hill of prices, Bitcoin Gold kept falling lower and lower.
In November, it recovered somewhat to reach a $30-above range from the pitiful lows it had been hitting but soon it was not only back to square one, but slipped to a worse position.
The loop of small rises and falls have kept Bitcoin Gold under the $15 range almost throughout the last month of 2018 and now, January, 2019.
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Should You Invest In Bitcoin Gold in 2019?
We have given you 10 reasons to buy Bitcoin Gold in 2019 already but are those enough? Before we opine on the investment potential of the coin, we must clarify a few things.
Firstly, the cryptocurrency market is incredibly volatile and the prices depend on a precarious combination of a multitude of factors, which is why, giving a guaranteed opinion is next to impossible in this sector. Hence, we advise you to take our investment recommendation in keeping with your own investment needs and goals.
Secondly, the experts are divided as to the cryptobottom of 2018 is truly over. While ConsenSys’ Joseph Lubin had said that it was, in December 2018 itself, analysts like Willy Woo feel Bitcoin, and subsequently, other altcoins may still be in the bear zone.
Having reminded you of these two aspects, let us see if you should shell out your hard-earned money to buy BTG this year.
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As the trends have revealed, the price prospects of Bitcoin Gold do not seem to be too bright at the moment. It has fallen continuously over the past year, hitting new lows with every collapse.
Betting your money on something that has fallen so much over the last 12-month period cannot possibly be a wise idea.
According to Coinmarketcap data, the earliest data in range is 23rd October, 2017. That day, the highest price of BTG was $539.72. Even within the longest conceivable time period in Bitcoin Gold’s history, it has repeatedly fallen.
So we feel it is not wise to invest in Bitcoin Gold at the moment.
However, should the market suddenly break out into a bull run, we would not want you to lose out. Given the price of Bitcoin Gold is rather low at the moment, you can set aside a very small portion of your crypto portfolio for BTG.
A small risk at this low price sounds tenable and if you hold it long enough and sell it wisely, it could end up serving you well.
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