Cryptocurrency once again surpassed itself.
More than five months ago, the cost of ounce of gold and the price of bitcoin equal, but now btc is worth almost three times the price of the precious metal — the traditional measure of wealth.
The price of bitcoin reached a new high of $3400 on 7 August, which is $2000 above the price of an ounce of gold. At the time of this writing, gold was trading for $1257 (Bloomberg data).
Perhaps it is a sign of “maturity” of the cryptocurrency asset class asset with the participation of an increasingly professional community of investors. Recall that on 7 August, the total value of all openly traded cryptocurrency in the first time set a new record high of $117 billion.
Note also that bitcoin enthusiasts have already begun to compare this digital asset with gold, claiming that it is a more efficient store of value because of its “digital and provably bounded character.”
It remains difficult to state definitively that between the price of two assets in the market there is any dependence, although in the past, such attempts were.
Some researchers claim that both assets are considered safe havens, but it is unlikely there is a similarity in the movements of their prices.
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