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As Gold Hits Historic Highs, Analysts Predict Bitcoin Rally Next
Gold’s market capitalization skyrocketed to an unprecedented $30 trillion on Thursday, as the precious metal surged to a record-breaking $4,357 per ounce. This historic milestone places gold at 14.5 times the size of Bitcoin’s $2.1 trillion market cap, and notably, 1.5 times larger than the combined value of the world’s top seven tech giants—Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla—whose cumulative worth stands at around $20 trillion.
While gold’s market cap is calculated based on the total value of all mined gold—an estimate due to the lack of precise data—the scale of its rise this year has been stunning.
Gold’s 2024 Rally Adds Entire Bitcoin Market Cap in Days
Gold has surged 64% year-to-date, fueled by a flight to safety amid dollar debasement, geopolitical tensions, and global trade concerns. On Thursday alone, over $300 billion was added to gold’s market cap. Crypto analyst Sykodelic noted, “It’s been adding an entire Bitcoin market cap in one week.”
This explosive growth has led many market watchers to anticipate a capital rotation into Bitcoin, often dubbed “digital gold.”
Will Bitcoin Wake Up Next?
Bitcoin, currently trading around $105,380, is up 16% since Jan. 1, yet still lags behind its all-time high by roughly 14%. Some analysts believe this calm won’t last.
“If Bitcoin can loosen its correlation with US equities [amid] the tense geopolitical backdrop… perhaps this is the trade after the trade,” said venture investor Joe Consorti.
Trader Merlijn pointed out the growing divergence: “Global M2 money supply is rising, gold is ripping, but Bitcoin is sleeping. Liquidity always finds risk — the catch-up rally will be brutal.”
What Comes After Gold’s Rally?
While gold continues to dominate headlines, the crypto community is watching closely. Should gold’s rally plateau, many believe Bitcoin could be next in line to benefit from the wave of liquidity hunting for returns.
