Bitcoin Gold is not to be confused with Bitcoin. Bitcoin Gold (BTG) was created in 2017 to become a friendly alternative, not a rival to Bitcoin. Bitcoin Gold is one of the first hard forks of the original Bitcoin that occurred in October 2017. BTG has a lower value. Still, this doesn't mean it doesn't have a chance of skyrocketing.
Bitcoin Gold was created not to mimic Bitcoin but to use the best characteristics of the Bitcoin blockchain and develop it to expand its features for DeFi and DApp developers. The Bitcoin Gold network is designed to develop the mining process with the help of a new proof-of-work algorithm. The main problem the BTG intends to solve is scalability.
The US dollar is another currency of the BTG/USD pair. The USD is a fiat currency used worldwide. It can be said that due to high volatility of BTG, the US dollar strength/weakness should be used to define the pair's direction.
There are three main factors that affect the USD rate. The first one is the Fed's monetary policy. Suppose the central bank plans to increase the interest rate, the USD increases. Conversely, if the Fed signals a rate reduction, the USD weakens. The next factor relates to economic releases. CPI or inflation, jobs data such as the NFP and unemployment rate, and GDP growth can either boost or lower the US dollar. The third factor is global market sentiment. Global political and economic issues can make the US dollar depreciate.
Of course, the pair's direction cannot only be defined by USD strength. You should also consider the internal events of the Bitcoin Gold network. If there are developments, the native token will increase.
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