Bitcoin has actually only taken 2% of gold market cap, new data suggests

Bitcoin has actually only taken 2% of gold market cap, new data suggests


Bitcoin (BTC) has much further to go to suck away even 10% of gold’s market cap than old data claims, a popular indicator reveals.

Highlighting numbers from Bitcoin’s realized cap on Jan. 12, Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, said that the cryptocurrency had taken far less of gold’s market cap than previously claimed.

Realized cap cools Bitcoin numbers game

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As Bitcoin grew in price towards the end of 2020 and hit all-time highs of $42,000 last week, a narrative appeared that investors were swapping gold for BTC, and that Bitcoin had thus taken around 7% of the precious metal’s market cap of $10 trillion.

Using realized cap, which calculates market cap in a different, more precise manner, the real “theft” from gold actually stands at 2%, says Ki.

Unlike market cap, the metric measures the price at which each bitcoin last moved, and excludes coins on centralized custodial exchanges, thus excluding speculative movements. The total

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