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Bitcoin Gold, a hard fork of Bitcoin, is seeing a massive 25,000% spike in trading volume as attention shifts to Bitcoin hard forks.
According to CoinMarketCap, $307,487,088 worth of Bitcoin Gold (BTG) has been traded in the last 24 hours, contributing to an immense spike in trading volume.
At the time of writing, BTG was up 40.63% in the last 24 hours to $20.98. The token has gained a whopping 13% in the last hour and 56.51% in the past seven days.
The exact reason for the sudden spike in Bitcoin Gold remains unknown, as a scroll through its Twitter account feed suggests no announcement or upgrade that might have triggered the rise.
Meanwhile, there are speculations that the rally might have stemmed from renewed interest in smaller tokens.
Crypto influencer "Satoshi Club" tweeted about the rise: "Bitcoin Gold (BTG) surges 37% in 24 hours, hitting $19—its highest single-day gain since July 2022. While the exact reason for the rally remains mysterious, it seems to stem from a renewed interest in smaller tokens, including memecoins."
Bitcoin forks, Bitcoin SV and Bitcoin Cash were in the green at press time.
The exact reason for Bitcoin forks rallying remains unknown, but it is evident that the Bitcoin blockchain is witnessing demand only witnessed during the peak of bull markets, with transaction fees on the rise.
On-chain analytics firm IntoTheBlock tweeted that Bitcoin fees rebounded by 37% in the week that just ended, with transaction numbers on track to reach their highest since May. In the past week, Bitcoin has netted $5.4 million in total transaction fees.
Bitcoin adoption continues to climb as the Number of Addresses with a Non-Zero Balance reaches a new ATH of 47.9 million addresses, Glassnode reported in a new tweet.