Bitcoin’s market capitalization reaches 1.62% of gold’s total market value

Against the dollar’s slide against the euro, Bitcoin and gold are showing solid gains. However, the uptrend in the cryptocurrency market is far more stable.

Gold prices fell notably on July 28 and 30.

This drew the attention of the well-known precious metals advocate, financial expert Peter Schiff.

Gold has now lost all of its gains since yesterday. But that has caused gold stocks to lose all of their gains since July 20th, when the price of #gold was over $100 lower. This is a classic wall of worry. Stock investors are scared the bull market is over every time gold drops.

— Peter Schiff (@PeterSchiff) July 30, 2020

“Shares in ‘gold funds’ have lost all of their gains since July 20, when the price of an ounce was $100 lower. This is a classic wall of worry. Stock investors fear a bull market every time gold falls,” he noted.

Meanwhile, the price of Bitcoin is showing steady growth and, at the time of writing, stands at $11,138.

BTC/USD chart from Bitstamp on TradingView

One BTC can currently buy 5.6 ounces of gold, and Bitcoin’s total market capitalization составляет 1.62% of the noble metal’s market capitalization.

As of writing, the cryptocurrency market capitalization stood at $335.6 billion, of which $205 billion was Bitcoin.

The current Bitcoin rally will be substantially different from previous ones, says Cameron Winklevoss, co-founder of the American cryptocurrency exchange Gemini.

The next #Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!

— Cameron Winklevoss (@winklevoss) July 29, 2020

“Today, there is exponentially more capital, human capital, infrastructure, and high-quality projects in the world than in 2017. Not to mention the very real specter of inflation that fiat supporters will face in the future,” he wrote.

According to several experts, Bitcoin is likely to continue rising to the level $13,000 and higher.

Earlier, Morgan Creek Digital co-founder Anthony Pompliano and financial expert Peter Schiff debated which is better — Bitcoin or gold. As an argument in favor of cryptocurrency, Pompliano noted that Bitcoin has outpaced the precious metal in its performance over the past decade. Since the start of 2020, its price in US dollars has risen by 56.1% vs. 27.6% for gold.

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