Since January, Bitcoin has seen its price increase by more than 80%, currently trading above $30,000.
Many experts see this as just one stage of a long-term bullish trend.
Data from CoinGecko shows BTC dominance has exceeded 50%, similar to the start of 2020.
On the other hand, the precious metals market is declining, and Glassnode reports that the correlation between BTC and gold has dropped to its lowest level since the fall of 2022.
Monthly correlations between BTC and gold or silver are -0.78 and -0.90 respectively.
This is reminiscent of the situation at the start of 2021 and again in May 2022, when crypto was at its lowest but gold and silver had a value increase.
Galaxy Digital CEO Michael Novogratz believes BTC capitalization could soon match that of gold. He suggests that this will be likely when institutional investors become more confident and active in cryptocurrencies. He suggests it’s possible that BTC could outperform gold in the future.
