Bitcoin’s price out values 1kg of gold as its market cap exceeds silver

exchange681 day ago

0 3 1 minute read

Bitcoin’s record-breaking price streak to nearly $90,000 has positioned the top crypto asset ahead of silver and gold in key market metrics.

Data tracked by TradingView showed that gold is on a downward slope. The price of one kilogram of gold dropped to $83,439 as spot gold declined by 1.8% to $2,636 per ounce as of press time. This fall marks the steepest time for the precious metal since early May.

1 KG of Gold Price (Source: Tradingview)

In stark contrast, Bitcoin has surged by nearly 27% over the past week to a new all-time high of $89,956, boosted by optimism around Donald Trump’s ascension to the White House. Unsurprisingly, Bitcoin’s rapid climb has pushed its market capitalization past silver’s, a notable achievement for an asset often called “digital gold.”

Now valued at approximately $1.73 trillion, Bitcoin is the world’s eighth-largest asset, edging silver with a $1.71 trillion market cap. Meanwhile, gold remains the leading global asset, with a commanding market cap of $17.4 trillion.

Bitcoin Gold Silver — Top 9 Assets (Source; CompaniesMarketCap)

Analyst

Oluwapelumi Adejumo

Journalist at CryptoSlate

Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.