In the last four months gold has lost $4 trillion in market valuation. Bitcoin has also endured a similarly rocky path as gold with the cryptocurrency’s gains earlier in the year wiped out when its price crashed by over 50% due to high selling pressure. Bitcoin has broken $50,000 again.
Bitcoin Reached A Yearly High Of $12,000 Just As Gold Hit A Historic $2,000 Per Ounce.
Bitcoin is pushing for its $20,000 all time high, while the price of gold has been dropping since the summer. Bitcoin, in turn, has gained about $180 billion over the same period. However, the value went down at the beginning of july.
The Weak Correlation Between The Two Assets Over Recent Months Shows That They Don’t Always Follow The Same Trajectory.
On friday, btc zipped past $ 29,000 and according to marketwatch data, the digital currency reached 15,40 gold ounces above the last high in december 2017. This price rally is attributed mainly to speculation and the ico craze that was going around at the time. Bitcoin is a distributed, worldwide, decentralized digital money.
A Community Dedicated To Bitcoin, The Currency Of The Internet.
Bitcoin gold is traded on exchanges. Bitcoins are issued and managed without any central authority whatsoever: Bitcoin today dropped by 4% to as low as $11,200 while gold suffered its worst slide in more than seven years.
Over The Last Day, Bitcoin Gold Has Had 0% Transparent Volume And Has Been Trading On 167 Active Markets With Its Highest Volume Trading Pairs Being.
As bitcoin (btc) went from trading under the $48,000 on oct. It’s a possible sign of investors turning to “digital gold” in place of the more mature physical asset. Bitcoin started the week on a slow drag downhill but held above the $40,000 (£29,607) level after a slide from last week's high of $45,661.the world's largest cryptocurrency was 0.8% higher to $42,751 on monday afternoon in london.