The new surge in Bitcoin (CCC:BTC-USD) prices is doing wonders for the entire market. As Bitcoin blows past $55,000 milestone once again, it is bringing altcoins along with it. One such altcoin is Bitcoin Gold (CCC:BTG-USD), which is surging as a result of the bullish market sentiment. Now, investors are looking for Bitcoin Gold price predictions, wondering where the crypto will take them.
Bitcoin controls the behavior of almost the entire crypto market — there’s no arguing that. It is the leading coin by market capitalization and generally is the most accepted by institutional players. As it stands now, a single Bitcoin costs $50,000 more than Ethereum’s (CCC:ETH-USD) ETH, the second-largest crypto.
This means that when Bitcoin moves, so do altcoins. If Bitcoin is up, it takes these smaller coins and tokens up too. If it crashes, like it did early in the summer, the market crashes with it.
And beyond this broad correlation, some cryptos are even more heavily influenced by Bitcoin. Bitcoin Gold is one such altcoin whose prices more closely correlate with big-brother Bitcoin.
Bitcoin Gold Price Predictions Heat Up With BTG’s Gains
BTG closely follows Bitcoin because, like its name implies, it is a hard fork of Bitcoin. It’s cut from the same cloth, taking Bitcoin’s core infrastructure and tweaking it by inviting governance and free development of the chain. But even with these differences and the assertion that it’s not vying to compete with Bitcoin, it is still a currency that closely follows Bitcoin’s price action.
As Bitcoin rose over the last few weeks, so too has BTG. Today alone, the coin is seeing gains of nearly 17%. Trading volume is also up more than 700% over the last 24 hours. It seems that investors are looking to cash in on this Bitcoin sympathy play.
Now, with the crypto market bringing back bullish sentiment, investors are seeking out Bitcoin Gold price predictions. Let’s take a look at what analysts are saying about the coin:
- CoinPriceForecast predicts that BTG will end the year on a high note, reaching a value of $80.79 by December.
- DigitalCoinPrice is more bullish, forecasting an end-of-year price of $100.58.
- WalletInvestor is posting a 12-month prediction for BTG. By October 2022, the site expects BTG to reach $121.13.
- The Economy Forecast Agency is bearish on Bitcoin Gold for the near term and cautious around the medium term. The outlet is predicting a drop to $54.70 by December. By October of next year, the outlet predicts BTG will climb back to its current value of around $64.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.