Bitcoin is in the news for the right reasons at the moment, and it is not surprising as the digital asset has been making surges upon surges. These surges have seen the digital asset attain various remarkable heights in the market and outside it. Recently, Bitcoin saw its market cap top well over $1 trillion to displace several other companies, including Tencent, to clinch a sixth place on the list.
And with the looks of things, Bitcoin has once again done something great in the financial market. Before Bitcoin touched this recent high, the digital asset was just places away from the price of gold, but as of now, the digital asset has beaten and surpassed the price of the precious metal.
Bitcoin touches $1 trillion market cap
Earlier this week saw two proponents of different assets, Bitcoin and Gold, Peter Schiff and Elon Musk, head on to why one is better than the other. In the argument, Elon Musk advises Schiff to buy up a little Bitcoin as it might change his heart. With the way things are, it looks like the asset might indeed change Schiff’s mind going by the way it has risen level and is now worth more than the price of gold.
Even though Musk has done his bit to move the market in the last few months, the digital asset has also had to succumb to the Twitter crypto community’s moving powers as of late. As it stands now, you can bank on Bitcoin to help you return rewards from your investment than gold in the financial market. As of 10 am this morning, Bitcoin hit $57,634 to topple over the price of gold which goes for $57,336 as at aà period.
While several factors have dragged down gold to create an all-time low, Bitcoin has seen a reverse in fortune to experience its highest price to date. Analysts noted that the fall in the value of gold could be the American Federal Reserve’s fault after printing more than enough notes into the economy. In return, the currency fell flatly, and the price of commodities rose at an alarming rate even though they claimed that the inflation rate was around 1% at the time.
Volatility still in the Bitcoin market
The period after saw gold and Bitcoin clinch massive price rises in the sector, with gold rushing highest to sell at $57,093 per kilo before it further went up and sold at around $65,477 in August. Going by market statistics, Bitcoin saw a price surge in the crypto market as the digital asset went from around $9,000 to clinch the $12,000 price mark.
While the dollar is currently seeing red as the day rolls by, the entire investors in the financial market have to choose which one would be a perfect hedge between Bitcoin and Gold. Gold also has declined, but over the months, investors have had to deal with volatility in the market, judging by the falls and rise in the last few weeks.
Bitcoin is the real deal to most investors except those who have seen the digital asset as speculative. We are waiting to know the future spells for the digital asset as a further rise could see it worth more than gold, and a drop would see it go below gold.