Bitcoin draws closer to gold as the crypto market holds steady

Bitcoin and gold have witnessed the feud between them taken to new heights by proponents of both the industries. While the supporters of the crypto world have claimed that Bitcoin has more use cases than the precious metal, gold evangelists were confident that no asset could beat the longevity of gold. Ran NeuNer, the host of Crypto Trader reignited the feud when tweeted:

“Bitcoin per Ounce Gold:

2011   584 BTC =1 Oz Gold

2012  149 BTC =1 Oz Gold

2013   6 BTC =1 Oz Gold

2014   3,5 BTC =1 Oz Gold

2015   2,5 BTC =1 Oz Gold

2016   1,6 BTC =1 Oz Gold

2017  0,18BTC  =1 Oz Gold

2018  0,16BTC =1 Oz Gold

2019  0,15 BTC =1 Oz Gold “

NeuNer based his argument on the depreciating comparison factor between Bitcoin and Gold. Since Bitcoin’s inception, the cryptocurrency has only grown in Year on Year value, with some accompanying anomalies in between that saw its value shoot up or crash drastically.

Bitcoin’s price movement

At press time, Bitcoin was trading for $9330.18 with a total market cap of $168.18 billion. The world’s largest cryptocurrency also held a 24-hour market volume of $22.68 billion. Bitcoin had undergone a price surge two weeks back, which saw its value rise by a whopping 24 percent.

The price movement has also beaten market expectations because, at the mid-year point, many FinTech naysayers had predicted that Bitcoin would only sell in the $3000 range.

Gold’s price movement

The past two weeks have been a disappointing period for gold, with prices slumping on the financial indices. Major markets like India saw a slump in prices at the start of the month as the value fell off after the festival period. This taper has been consistent with the slow down over the past years, and it has also been talked about by major analysts. Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS, had stated:

“Spending sentiment remains weak. Gold price has to be about 30% cheaper for demand to pick up.”

Bitcoin vs. gold

The two assets have been going at it head to head since Bitcoin gained popularity, and with the advent of several crypto organizations, the digital assets have come out on top some times. This has also been the basis for Grayscale Investment’s DropGold campaign. The company released multiple adds to increasing the popularity of Bitcoin while calling out the flaws inherently present in gold.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.