The digital currency, Bitcoin broke above $59,000 on Tuesday while gold dripped below $1, 700 and which means Bitcoin is approaching all time highs against gold.
The value of bitcoin when compared to Gold, is approaching an all-time high as it gets close to $59,000 and which is revealing a new store of value.
On Tuesday, the price of Bitcoin reached 34.94 ounces when measured against gold. On March, 13, the comparison of Bitcoin with gold reached 35.5 which is the zenith, as Bitcoin snowballed past $61,000.
Over the past three months, the value of Bitcoin when compared to Gold has doubled and by October, 2020 is sevenfold.
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 for the first time. Bullion ended the year with a gain of around 22%. Still, that paled in comparison with Bitcoin’s 265% yearly return.