Bitcoin News and Finance Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold’s Modest 9% Gain Skip to main content

Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold’s Modest 9% Gain

Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold's Modest 9% Gain

Gold achieved a record high of $2,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023.

Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge

Prominent gold supporter and economist Peter Schiff, along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to $2,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin.

Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold's Modest 9% Gain

Gold’s current trading price has dipped by 5.33% from its record high of $2,117 per ounce, and in the past month, its value has risen by 2.7% against the U.S. dollar. At present, from its recent peak of $44,729, the price of bitcoin stands at $43,976 per coin, marking a 1.68% decrease. However, bitcoin’s all-time high tells a different tale, having reached $69,044 per coin on Nov. 10, 2021. Presently, its value is just over 36% below its apex price.

Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold's Modest 9% Gain

In the last six months, as well as year-to-date and over the past year, bitcoin has consistently outperformed gold in all metrics. Over the last six months, gold has seen a 2.2% increase, whereas bitcoin has soared over 69% in the same period. Since the start of 2023, gold has risen by 9.9% against the U.S. dollar, but bitcoin has leaped by 166%. Comparing twelve-month statistics, gold has increased by 12.04%, while bitcoin has surged by 155%.

When examining five-year gains, bitcoin substantially eclipses gold. In the last five years, the value of gold has increased just over 60% against the U.S. dollar, while bitcoin has skyrocketed by 1,145%. The data indicates that over this period, bitcoin’s gains were roughly 19 times greater than those of gold. Currently, the overall market capitalization of gold stands at $13.5 trillion, compared to bitcoin’s $860 billion, suggesting that gold’s market value is about 15.7 times larger than that of bitcoin.

While gold’s recent peak of $2,117 per ounce is noteworthy, its performance pales in comparison to bitcoin’s robust growth. Despite gold’s steady gains, bitcoin’s dramatic 166% surge this year and 1,145% increase over five years highlight its significant edge as an investment asset. Although gold remains dominant in market capitalization, bitcoin’s trajectory suggests a shifting landscape in asset value appreciation.

What do you think about bitcoin’s market performance compared to gold’s performance in 2023? Share your thoughts and opinions about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory