After experiencing a slight downtime, Bitcoin (BTC) has again managed to make a comeback. As always, as soon as the asset made a comeback, the analysts have started comparing its current nature with gold. For the last two and a half weeks, Bitcoin’s (BTC) price had been hovering between $52k and $55k right after it hit its all-time high of $61.7k per BTC.
After such a long low-run, Bitcoin (BTC) has again picked up the pace and it is now hovering around $59k per BTC. As a result, the price of Bitcoin (BTC) is again experiencing an all-time high against the price of gold.
Although this is not the first time that Bitcoin (BTC) has challenged gold, yet there are speculations that the investors will now start comparing the two for sure.
There are now speculations that with the recent price trends of Bitcoin (BTC), investors who once invested in gold have now started leaning towards Bitcoin (BTC). Therefore, there are possibilities that gold will soon lose its reputation as an asset that was the most adopted store of value.
The data analyzing firms have revealed that against the price of gold, Bitcoin’s prices have managed to reach 34.94 ounces. This data was shared after including the price of Bitcoin from Tuesday, March 30, 2021.
However, back on March 13, 2021, when Bitcoin (BTC) managed to cross the $61k barrier for the first time ever, its price compared to gold was 35.5 ounces.
As compared to gold, the value of Bitcoin (BTC) has managed to get doubled in the last three months. When running a comparison of the Bitcoin price since October 2020, the digital asset has gained seven times an increase in terms of its price.
At the same time, gold hasn’t been able to show much of an improvement with respect to its price. According to data from Tuesday, March 30, 2021, the price of gold futures went below $1,700 per troy ounce. This analysis was run by the New York Mercantile Exchange’s Comex division.
The New York Mercantile Exchange’s Comex division has confirmed that on Tuesday, March 30th, the price of gold futures went down to $1,676.50. This is not the first week that gold has ended up facing downfall with respect to its price but the third week in a row. The gold futures have constantly been experiencing all-time lows since the last three weeks and the situation is not looking any better for the commodity.
The last time gold futures went as high as $2,050 per troy ounce was back in August of 2020. Ever since hitting that mark, the price of gold futures has continued to correct itself and has observed an 18% correction.