By Adeline Gibbs (Italy)
Recently, gold has covered the mark of $250 Billion in the previous twenty-four-hours which is more than the whole market cap of Bitcoin.
The entire market capitalization of Bitcoin is revolving at the pivot point of $185,571,000,729USD which is smaller in amount than the 24 hours market cap of gold (i.e. $250 Billion).
Gold has increased its value in the last twenty-four hours with a percentage of 1.89 and has added a bigger amount of $250 billion in the account of its market cap. If we look at the data of the last 30 days of the market cap of gold, it has gone high by 5.47%.
Bitcoin seems smaller than Gold
Both of these assets are known as the safe-haven assets in the trading market. But if we compare both of these currencies, we will find BTC smaller than the gold as gold has recently shown a big blow of $250 billion.
The overall market capitalization of gold is standing at the figure of $7.5 trillion and the Bitcoin market cap is $185,571,000,729USD. These figures are pointing out how small bitcoin is as compared to the precious metal, gold.
Also read:https://twitter.com/HeyRhett/status/1165889712168538112
There are some areas which show the importance of bitcoin more than the gold. Bitcoin is a better macro indicator than the gold. In political issues like trade wars, it has proven to be a more responsive and active digital currency. In the trade war of US-China, it had provided a little solace and proved its value.
Critics view
The critics say that though gold has proven its worth as a stable store of value it still does not seem to fit in our new digital economic community. Bitcoin being the leading cryptocurrency and the safe-haven asset can be a proper substitute of gold in the new digital economy.
Both of these assets can get the appreciation at the same rate around 2048 if the leading cryptocurrency follows of the market capitalization of gold.
Conclusion
Bitcoin is hopeful to become a proper store of value in the future but it will take much more than this for the cryptocurrency to grow and get one-fourth of gold’s dominance.
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