The debate continues on whether cryptocurrencies are a store of value. In this context, Bitcoin always takes the lead in these discussions, often compared to gold. Some investors consider Bitcoin a store of value, while others find it far from one due to its high volatility. A team from a renowned market company has evaluated the situation between Bitcoin and gold.
Bitcoin or Gold?
The team at the crypto analysis platform Glassnode commented that Bitcoin (BTC) could significantly outperform gold for the remainder of the current bull cycle.
Glassnode’s co-founders, using the name Negentropic on social media platform X, shared with thousands of users that the BTC/gold ratio could more than double in the coming months.
Currently indicating 29, the BTC/gold ratio shows Bitcoin’s value relative to gold’s price.
Opinion: Gold has been much talked about in recent months. But is gold really an asset to be exposed to at this point? The BTC-Gold ratio still shows that we could see BTC at 65 times the gold price by the end of this crypto bull cycle. This means BTC could outperform the shiny metal by more than double. Choose your favorite! At this point, we prefer BTC over gold.
Bitcoin, after a 1.16% drop following the recent Mt. Gox transfer news, is trading at $67,700 at the time of writing.
Dogecoin Comments
Following Bitcoin, the team also commented on the peak of meme coins, specifically Dogecoin (DOGE), suggesting that a pattern seen in the last two bull markets could repeat, potentially pushing the price to $2.52. Analysts use Fibonacci ratios as a basis, and Fibonacci extensions are considered in technical analysis to predict profit targets and price pullbacks.
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Dogecoin, like Bitcoin, fell after the news in the market. After a 1% price drop, it continues to trade at $0.1647.
