Bitcoin (BTC), the world’s largest cryptocurrency, hit an all-time high (ATH) of $123,091 on July 14.
Similarly to its digital counterpart, gold has also experienced a significant surge, having gone up 35% in the past year with the potential to hit its own record price of $3,600 per ounce in H2 2025.
Thanks to the upward momentum, Bitcoin now has a market cap of around $2.36 trillion, while the precious metal has a market cap of approximately $22.57 trillion.
That is, Bitcoin is now worth 10% of gold’s market cap, being the sixth largest asset by the same metric, based on the data available on Companies Market Cap.
To put things into perspective, the coin has overtaken silver, which now occupies the eighth spot, just below Alphabet (NASDAQ: GOOGL).
Will Bitcoin surpass gold?
As both assets make substantial gains, the market is asking whether Bitcoin might surpass gold.
At the time of writing, gold was priced at $3,355 per ounce. Compared to the January 1 price of $2,624, this implies a return on investment (ROI) of nearly 27.86%.
On the other hand, Bitcoin was trading at $119,087. Compared to the average price of $93,425 on January 1, we get a nearly identical ROI of 27.48%.
A number of analysts are accordingly bullish. Dan Held, for instance, predicts that Bitcoin will indeed overtake the market cap of gold. When that happens, Held claims, 1 BTC will be worth $1.1 million.
Matt Hougan, the Chief Investment Officer at Bitwise, also suggested Bitcoin could match gold in terms of valuation, similarly predicting 1 BTC would be worth $1.2 million by that time.
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