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Home Opinion

Gold Managed To Add More Money In A Day Than The Market Capitalization Of Bitcoin

Daniel Jimenez by Daniel Jimenez
November 25, 2019
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Recently, in the middle of a resounding day for the traditional stock market marked by the fall of Wall Street in reaction to Donald Trump’s threats against China in the ongoing trade war, there was a significant effect on stock market.

Investors had to take refuge in the precious metal as a measure to offset future losses, generating a robust green candle that managed to raise the price of Gold above $ 1500, + 1.89%.

Bitcoin gold chart 3

At this historical moment, the market of the refuge of value by tradition for investors managed to add more than $250B to its ecosystem in a single day, surpassing the total market cap of the most essential cryptocurrency, Bitcoin.

In that day, August 23, 2019, when the traditional market on Wall Street succumbed to the fears of the intensified trade war, and concerns about the Fed, its interest cut-rate had generated a significant movement one week before the great momentum of Bitcoin and Gold as many investors consider it as a refuge for value.

For many, Friday’s outcome was nothing more than a chronicle of an announced rise.

In contrast, Bitcoin on that same day also registered a significant boost by earning +2.72% when it went from the value of $ 10,136.90 to $ 10,412.51 in 24 hours, more significant than what was recorded by Gold in that same period.

Bitcoin gold chart 2

The above demonstrates one thing: Bitcoin manages to be more reactive and responsive to geopolitical events than Gold.

Of course, since Gold is a metal that can be fungible and used as a raw material for various purposes, its market is larger due to the inherent nature of its use cases, unlike Bitcoin, which is a decentralized digital asset that has no physical purposes.

The previous brings up another debate: Gold can be falsified while Bitcoin cannot be digitally duplicated due to its immutable and decentralized technology.

According to Reuters, gold bars deceptively imprinted with logos of the primary refineries are shoved into the global market to filter contraband or illicit gold, so counterfeits are difficult to detect, and paradoxically making it a perfect fund broker for narcotics traffickers or warlords.

In conclusion, Gold and Bitcoin seem to have similar behavior in recent months in the face of political and economic instability, due to the refuge of value that is being used in any traditional market for speculative purposes, as we can see in the graphic below.

It is expected that by 2048 both of them will project a similar valuation, even though Gold is being subdued by Bitcoin that seems to be more in tune than the precious metal with the new digital economy model we are living. Time will give us the reason.

Bitcoin gold chart 2

For now, Bitcoin continues to break records, consolidating progress as a new source of traditional business oxygenation and paradigm for investors who perceive it as not just a cryptocurrency, but eye its underlying technology.

#Bitcoin sigue rompiendo records, Supero a Paypal en volumen de transacciones anuales! pic.twitter.com/ODnqGTroGV

— Daniel Muvdi (@DanielMuvdiYT) August 27, 2019

Tags: BitcoinBitcoin and GoldBitcoin Gold valueBitcoin NewsBitcoin vs Gold
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NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

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