Gold achieved a record high of $2,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023.
Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge
Prominent gold supporter and economist Peter Schiff, along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to $2,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin.
Gold’s current trading price has dipped by 5.33% from its record high of $2,117 per ounce, and in the past month, its value has risen by 2.7% against the U.S. dollar. At present, from its recent peak of $44,729, the price of bitcoin stands at $43,976 per coin, marking a 1.68% decrease. However, bitcoin’s all-time high tells a different tale, having reached $69,044 per coin on Nov. 10, 2021. Presently, its value is just over 36% below its apex price.
In the last six months, as well as year-to-date and over the past year, bitcoin has consistently outperformed gold in all metrics. Over the last six months, gold has seen a 2.2% increase, whereas bitcoin has soared over 69% in the same period. Since the start of 2023, gold has risen by 9.9% against the U.S. dollar, but bitcoin has leaped by 166%. Comparing twelve-month statistics, gold has increased by 12.04%, while bitcoin has surged by 155%.
When examining five-year gains, bitcoin substantially eclipses gold. In the last five years, the value of gold has increased just over 60% against the U.S. dollar, while bitcoin has skyrocketed by 1,145%. The data indicates that over this period, bitcoin’s gains were roughly 19 times greater than those of gold. Currently, the overall market capitalization of gold stands at $13.5 trillion, compared to bitcoin’s $860 billion, suggesting that gold’s market value is about 15.7 times larger than that of bitcoin.
While gold’s recent peak of $2,117 per ounce is noteworthy, its performance pales in comparison to bitcoin’s robust growth. Despite gold’s steady gains, bitcoin’s dramatic 166% surge this year and 1,145% increase over five years highlight its significant edge as an investment asset. Although gold remains dominant in market capitalization, bitcoin’s trajectory suggests a shifting landscape in asset value appreciation.
What do you think about bitcoin’s market performance compared to gold’s performance in 2023? Share your thoughts and opinions about this subject in the comments section below.
source https://news.bitcoin.com/bitcoin-outshines-gold-digital-asset-surges-166-in-2023-dwarfing-golds-modest-9-gain/
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