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Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold
Bitcoin's rising price has made it worth nearly three times as much as gold, according to public markets data.
By Pete Rizzo
Updated Sep 14, 2021, 1:57 p.m. Published Aug 7, 2017, 1:00 p.m.
More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value.
The price of bitcoin reached a new high above $3,400 during today's session, a figure that was more than $2,000 above the price of gold. At press time, the precious metal was trading for $1,257 according to a spot exchange rate provided by Bloomberg.
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Overall, it's the latest sign that the cryptocurrency asset class may be maturing in the eyes of an increasingly professional set of investors – earlier today, the total value of all publicly traded cryptocurrencies set a new all-time high, rising above $117 billion for the first time.
But while largely symbolic, the finding is notable given that bitcoin enthusiasts have long compared the digital asset to gold, arguing that it is a more effective store of value due to its digital and provably finite nature.
Still, it remains difficult to determine whether the two assets have any relationship in the market, with past attempts to draw a correlation largely coming up empty.
A CoinDesk report from July of last year found that, despite the fact they are both considered safe havens, there is hardly any similarity in market movements.
Gold bars image via Shutterstock
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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