Bitcoin is “eating” Gold: GOLD/BTC ratio falls to an all-time lowThe global crypto market cap is $1.59T, a 2.43% increase over the last day.
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Author: Shaurya Malwa The yellow metal has now fallen to its lowest-ever value against Bitcoin, the digital gold, in terms of the ratio. What just happened? Simply put, the “Gold/Bitcoin” ratio calculates the price value of the yellow metal against Bitcoin. A 1:1 ratio means both gold and Bitcoin are valued at the same price by the open market, while a ratio of 2:1 would mean the market values one asset (say, gold) at twice the prices of Bitcoin. What’s happened in the past months is the complete opposite. Bitcoin moved from the $5,000 price level in mid-April to over the $52,000 level yesterday—a 10x increase since that time and more than a 2.5x increase since its previous all-time high of $20,000 in December 2017. In the same period, gold moved from the $1,600 price level to the current $1,800 price level (while temporarily reaching a previous high of $2,000 in August 2020). As the below chart shows, the metal is now in a downtrend, trading below its 34-period moving average while forming lower highs and lower lows. Ad 📈 Buy 80+ Different Coins at True Cost. No fees, No markups. 🔥 Trending Sectors
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