Bitcoin has actually only taken 2% of gold market cap, new data suggests
Getting to 10% of gold's market cap would mean that each bitcoin costs $154,000, says CryptoQuant. Bitcoin (BTC) has much further to go to suck away even 10% of gold’s market cap than old data claims, a popular indicator reveals.Highlighting numbers from Bitcoin’s realized cap on Jan. 12, Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, said that the cryptocurrency had taken far less of gold’s market cap than previously claimed.Realized cap cools Bitcoin numbers gameAs Bitcoin grew in price towards the end of 2020 and hit all-time highs of $42,000 last week, a narrative....
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After a long break, monthly purchasing data shows that central banks are buying gold again. The World Gold Council says throughout March and April, the organization recorded a higher level of central bank monthly gold purchases and the latest data from May shows the exact same trend. Gold Rises After Data Shows Central Bank Gold Purchases Trend Higher The price of gold per ounce is hovering just above the $1,800 zone, after seeing some fresh gains following the weekend. Gold’s value jumped above its 100-day moving average and is changing hands for the highest price in two weeks. In....
Bitcoin tails the gold market but with a delay. And the lagging correlation now suggests that the cryptocurrency would rise to $25,000.
Spot gold last week hit its highest price level since Jan. 8 after dipping to as low as $1,680 in early March. In the aftermath of the Mid-May crypto market sell-off, gold has seen significant price recovery.Gold prices continued to inch higher on Tuesday, hitting $1,887 per ounce at 3:00 am EDT, according to data from TradingView.Last week, gold reached its highest price level since Jan. 8 at $1,889, marking a four-month high after gold prices dipped to $1,681 in early March. At the time of writing, spot gold is trading at $1,882, up around 0.1% over the past 24 hours.Spot gold....
Bitcoin’s relative nascence makes its future price perhaps difficult to predict. There objectively is not as much data in the Bitcoin market as there is, say, in the gold market. Yet, there are numerous indicators which lend key insights into bitcoin’s price trends, and one often overlooked is the recurring halving. We’ve seen Bitcoin reach a previous....
While reserve-backed crypto assets and stablecoin market valuations increased a great deal during the last year, gold-backed cryptocurrencies have also seen their market caps swell. Between the tokens tether gold and pax gold, the market valuations of these two gold cryptos are nearing a billion dollars in value with $742 million today. Tether Gold’s Market Cap Swells Over 19,000% in Less Than 2 Years, While Pax Gold Increased by More Than 15,000% On February 21, 2020, the market valuation of tether gold (XAUT) was $2.1 million and 23 months later, the valuation has increased by....