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BTC Dominance

Bitcoin is only 2% of Gold's Market Cap, new data suggest.
in Markets
Reading Time: 5min read

Bitcoin has a long way to go to be compared to Gold. Gold has been in existence since the beginning of the world and it has the largest market cap in the financial industry. 

Gold has a market cap of roughly $10 Trillion according to Business Insider. On the other hand, Bitcoin's total market cap is almost $650 Billion according to data received from CoinGecko. 

As the price of Bitcoin grew towards the end of 2020 and hit all-time highs of $42k last week, a narrative appeared that investors were swapping gold for BTC and that Bitcoin had thus taken around &% of the precious metal's market cap of $10 Trillion. More narratives came up as the price of gold plunged last week as Bitcoin soars that the largest cryptocurrency is going to take over gold as a store of value. 

Using realized cap, which calculates market cap in a different, more precise manner, the real “theft” from gold actually stands at 2%, says Ki.

“People said $BTC took 7% of the Gold market cap. No, it's not. There are unclaimed, unreachable, and lost Bitcoins. Based on the realized cap, it's just 2%,” he tweeted alongside a realized cap chart.

“If digital gold replaces 10% of the $XAU market cap then the $BTC price would be $154k.”

It was reported on Cointelegraph that Bitcoin’s realized cap stood at $227 billion on Wednesday, while its standard market cap was $645 billion.

BTC performance beats Gold as Gold/BTC near Zero 

"Despite its arguably slower progress, Bitcoin is still faring extremely well against gold, which failed to recoup its losses in BTC terms even as BTC/USD dropped to near $30,000 on Monday." - Cointelegraph

Bitcoin bought 19.2 ounces of gold at publishing time (Data calculated based on the live market price on TradingView).

Bitcoin’s correlation to gold was trending towards zero this week, down markedly from highs seen in October.

As Cointelegraph reported, however, criticism from gold fans remains, with gold bug Peter Schiff casting doubt on both Bitcoin’s status as a safe haven and institutional investors’ interest in it.

“Bitcoin traded near $42K on Friday and near $30K on Monday. An asset that drops 28% over a weekend is not a safe-haven, a store of value, or a viable hedge against inflation,” he tweeted this week.

Something to ponder about: With the extreme price volatility of Bitcoin, will it truly take over Gold as the major store of value or as a safe-haven? 

Gold has the largest market cap in the world and it is a go-to asset to buy whenever there is inflation or the economy is doing badly. It has been the major form of investment alongside landed properties for centuries. Bitcoin will have a long way to go to compete or take over gold as a store of value. 

Featured Image from Shutterstock Price

Tobi Ismail

Tobi is a full time day/swing trader with 3 years’ experience in the currency and commodity market. He is interested in cryptocurrencies in combination to the current financial system. Tobi holds a bachelor's degree in Agriculture.

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