Cryptocurrency experts call bitcoin more efficient than gold

Analytical company Glassnode has compared the current prices of bitcoin and gold. Currently, the spot price of one BTC is equivalent to 13.3 ounces of precious metal, which is a 46% increase compared to the beginning of the year. The data indicate that BTC is still considered an effective means of preserving value, despite the current volatility of its exchange rate.

Since the beginning of 2023, the value of bitcoin has increased by 51.6%. For comparison, gold prices rose by only 6.2% over the reporting period. Currently, gold is trading at $ 1940 per ounce, which is 5% lower than its all-time high. It should be noted that in mid-April, the metal could be purchased at $ 2040 per ounce.

Glassnode analysts added that since its all-time high of $ 69,000 (in November 2021), bitcoin has lost 63.7% of its value. Nevertheless, experts believe that both the flagship cryptocurrency and gold remain excellent means of preserving value. The only difference between them is that gold shows slower and more stable dynamics, while investing in BTC is more like riding a roller coaster.

According to the CoinMarketCap analytical tracker, at the time of writing, bitcoin is trading at $ 25,568, up 2.38% from yesterday. The coin’s market capitalization grew by 2.37% to $ 536.6 billion, while daily trading transactions exceeded $ 14.9, a 2% drop. Bitcoin’s dominance in the market has regained 0.02% lost yesterday and is now 47.7%.

As a reminder, bitcoin fell yesterday amid the publication of the Fed’s decision on the key rate and the speech of the head of the department, Jerome Powell. As expected by most market participants, the regulator left the rate unchanged in the range of 5−5.25%.

The refusal to raise the Fed’s rate again is a positive signal for the stock market and the crypto industry. However, crypto experts predicted a further decline in the main digital asset.