How is the performance of the cryptocurrency Bitcoin Gold (BTG), launched in October 2017 as a bitcoin version even more similar to gold, on the market?
The situation is not optimistic.
To tell the truth, many people from the beginning had very much doubted that the project made sense, if not to create a new cryptocurrency that was mined and sold in the market to collect some money in other currencies.
When launched, a BTG was worth approximately $ 275, or 0.048 BTC.
Immediately after launch, the value fell to $ 127, which is less than half, and then dropped back to $ 109 in late October.
However, shortly after that, the huge speculative bubble in the cryptocurrency market began to burst, which ended up pushing BTG's price to a record high.
This was recorded on December 20, 2017, three days after Bitcoin's all-time high (BTC), when BTG peaked at $ 481, equivalent to 0.029 BTC at the time.
The maximum peak in bitcoin value had been reached a month earlier, on November 12, when a BTG was worth 0.077 BTC.
After the bubble burst, BTG's price literally collapsed, to the point that on February 6, 2018 it had dropped to $ 74, a loss of over 73% of the launch price.
Note that on February 6, 2018, BTC was worth roughly $ 6,000, or more than it was on BTG's release date, so at the same time when BTG was losing 73% of its value, the value of BTC increased slightly.
Since then, things have been even worse for BTG, with a steady decline that has never really stopped. At the end of December 2018, it had already dropped to $ 13 and then plummeted to just over $ 5 at the end of December 2019.
To date, a BTG is only worth $ 7.5, which is 97% less than it was at launch, while BTC, for example, is worth even more than it was at the time of BTG's launch. During the same period that Bitcoin Gold (BTG) lost 97% of its value, the value of Bitcoin (BTC) increased slightly.
Right now, a BTG is worth just over BTC 0.001.
In light of these data, it is possible to affirm that Bitcoin Gold has in fact lost almost all its value since its launch, proving to be a totally unsuccessful project, precisely because it was born with the narrative of being a better store of value than BTC
Truth be told, many people expected a similar outcome, both because any cryptocurrency that is proposed to the market as an alternative to BTC is likely based on false beliefs or false narratives often exploited just to raise money on the market, and because The Bitcoin project Gold had nothing specific to propose except a name that indicated the advantages of gold.
There are many cryptocurrencies that are different from BTC, but that are complementary and can make sense both technically and financially, but those that are proposed out of nowhere as alternatives to the undisputed king of cryptocurrencies, whose market capitalization is approximately double that of all others. Cryptocurrencies in the world together have a very difficult, if not impossible, life.
If, then, they are not even based on concrete advantages offered to investors, but only on simple hypotheses, opinions or narrations, these projects are doomed to failure.