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New Data Suggests Bitcoin Has Only Taken 2% Of Gold Market Cap

  • New data from on-chain analytics resource CryptoQuant shows that Bitcoin has only taken about 2% of gold’s market cap.
  • It was previously believed that the leading cryptocurrency had taken around 7% of the precious metal’s market cap of $10 trillion.
  • CryptoQuant came to this conclusion after looking at the realized cap, which is a more precise way of calculating market cap.
  • Unlike market cap, the metric measures the price at which each Bitcoin last moved and excludes coins on centralized custodial exchanges. The total is also kept lower by long-lost BTC, which will have last moved at likely far lower prices than today’s.
  • Bitcoin’s realized cap stood at $227 billion on Wednesday, while its standard market cap was $645 billion.
  • Despite the slow progress, BTC is still faring extremely well against gold, which failed to recoup its losses even as BTC/USD dropped to near $30,000 on Monday.
  • Read the full story here.

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