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.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.