As we delve into the financial landscape of 2023, one question has been making waves in the investment world: Did Bitcoin truly outperform Gold by 93% in 2023? Well, the answer is a resounding yes. The world’s premier cryptocurrency, Bitcoin (BTC), has indeed been on a bullish rampage, making significant strides against traditional assets like gold.
The BTC-Gold Rivalry Intensifies
Based on a recent report titled The Capital Waterfall by leading on-chain metrics provider, Glassnode, Bitcoin and its crypto cousin, Ethereum (ETH), have both seen substantial appreciation against gold and the US Dollar (USD). To put it in perspective, Bitcoin Registers 93% Surge Against Gold in 2023, while Ethereum has increased by 39% in gold terms.
This remarkable performance comes amidst growing global uncertainty, capturing the attention of traditional investors. Bitcoin and gold have always been seen as competitors in the race for the ‘safe haven’ title, with Bitcoin often being dubbed as the ‘digital gold’.
Bitcoin’s Dominance Soars
According to Glassnode, Bitcoin’s dominance in the crypto market has been soaring, commanding over 53% of the total market value. This is a significant leap from the cyclical lows of 38% recorded in late 2022. As Bitcoin continues its impressive run, peaking at $38,000, it seems large entities are playing a crucial role in this uptrend.
Low Selling Pressure from Large Entities
Analytics provider, CryptoQuant, notes that large-scale selling liquidity is still under water, with selling pressure on the BTC network primarily coming from entities holding between 10 and 100 BTC. Interestingly, the whales in the 1k~10k range that led the downward trend are relatively quiet at the moment.
The upward momentum in the BTC market can also be attributed to the eight-day window period during which the United States Securities and Exchange Commission (SEC) could potentially approve all twelve pending BTC exchange-traded fund (ETF) applications. At the time of writing, Bitcoin was up by 6.8% over the past week, hitting $37,090, as reported by CoinGecko.
For those who are keen on keeping a close eye on these exciting developments, the cryptoview.io application is a handy tool. It provides an easy and efficient way to track the performance of Bitcoin, Ethereum, and other cryptocurrencies.
Start using cryptoview.io today
