As the Bitcoin (BTC) price edges closer to $59,000, its value relative to gold is approaching new all-time highs, possibly hinting at the emergence of a new preferred store of value.
Measured against gold, Bitcoin’s price reached 34.94 ounces on Tuesday. The BTC-gold comparative peaked at 35.35 ounces on March 13 as Bitcoin surged past $61,000.
Bitcoin continues to outperform gold by a significant margin. | Chart via BuyBitcoinWorldwide
Bitcoin’s value relative to gold has more than doubled over the past three months and has grown nearly sevenfold since October 2020.
Gold futures, meanwhile, plunged below $1,700 a troy ounce Tuesday on the Comex division of the New York Mercantile Exchange. The price bottomed at $1,676.50, marking a new three-week low. Since peaking above $2,050 a troy ounce in August 2020, bullion has corrected nearly 18%.
2020 was a big year for gold, as the yellow metal set new all-time highs in every major currency before toppling $2,000 per U.S. dollar