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Crypto News > Blog > News > Bitcoin > Bitcoin set a new all-time high against gold | Crypto News
Bitcoin

Bitcoin set a new all-time high against gold | Crypto News

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Last updated: 2024/12/16 at 9:47 AM
Crypto Published December 16, 2024
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Bitcoin set a new all-time high against gold
 | Crypto News
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Bitcoin (BTC), the first digital currency on the market, continues to make bullish steps against gold. The crypto asset reached a price above $106,000 in the last few hours, establishing a new all-time high.

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Where is the price of bitcoin headed relative to gold?Crypto Keynote USA

This increase also led the crypto asset to reach a record against goldreaching 40 ounces per bitcoin before falling back to 39 ounces, as seen in the following graph. TradingView.

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BTC price against gold. Source: TradingView.

The market capitalization of bitcoin It now stands at $2 trillion and is close to that of Google and Amazon, valued at $2.3 trillion, due to its use as a store of value.

However, the gold market continue to lead with a capitalization of 18 billion dollars, according to data from CompaniesMarketCap.

Where is the price of bitcoin headed relative to gold?

Peter Brandt, trader and market analyst, projects that bitcoin could continue its rise against gold.

According to the specialistthe next target would be a level of 89 to 1which would mean that 89 ounces of gold would be needed to acquire a single bitcoin, as seen in the following graph.

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Bitcoin price projection in relation to gold. Source: Peter Brandt.

This forecast implies a significant appreciation in the value of bitcoin relative to the precious metal.

The historical correlation between bitcoin and gold has led many to call the crypto asset “digital gold.”

Both share characteristics that position them as safe haven assets, especially in periods of economic or political uncertainty. Both gold and bitcoin They are used by investors to preserve the value of their wealth in unstable contexts.

As reported by CriptoNoticias, the bitcoin bullish trend could continue, fueled by its growing adoption.

Jeff Mei, COO of the BTSE exchange, maintains that the price of bitcoin could reach $125,000 by the end of 2025. This perspective reinforces the idea that bitcoin still has significant room to grow against gold.

Market behavior has consolidated bitcoin as a reserve of value asset, similar to gold, but with characteristics typical of the digital age. As its institutional acceptance and demand as an alternative investment increases, the crypto asset continues to climb in both price and global relevance.

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The recent all-time high against gold underlines bitcoin’s current strength in the market. However, The difference in capitalization between both assets reflects that there is still a long way to go before “digital gold” can equal the precious metal in terms of economic dominance.

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