While many cryptocurrencies have experienced a resurgence, the Bitcoin fork called bitcoin gold (BTG) has seen a remarkable rise of 140.31% in the past 24 hours. On Saturday, the price of BTG fluctuated between a low of $9.30 and a high of $23.27.
The rise of BTG can be attributed to Upbit, a South Korean trading platform, which announced its decision to delist BTG on January 23. Despite this announcement, Upbit is currently experiencing significant trading activity and a premium on BTG.
For example, the global exchange rate for BTG is $19.01, but on Upbit, it is being traded at $24.75. As of 9:00 p.m. Eastern Time on Saturday, BTG is the leading coin on Upbit. Interestingly, on the rival exchange Bithumb, BTG is being traded at $18.90 without a premium, yet it remains the most traded coin there. The majority of BTG's trading volume comes from South Korea, with Upbit recording $1.31 billion in BTG transactions in the last day, while Bithumb observed $232 million.
This sudden surge in BTG's price, driven by speculative trading in South Korea, highlights its diminishing relevance in the wider cryptocurrency ecosystem. The significant difference between its 24-hour gains and Upbit's decision to delist it underscores the fact that BTG has shifted from being an innovative cryptocurrency to becoming obsolete. Despite this temporary increase, the project seems to be a relic of the past era of cryptocurrencies.