As Bitcoin (BTC) continues to experience an impressive bullish trend, the leading cryptocurrency is calling the shots against gold based on its notable gains.
According to Glassnode’s weekly report deemed “The Capital Waterfall,” the leading on-chain metrics provider disclosed that both Bitcoin (BTC) and Ethereum (ETH) had appreciated meaningfully against gold and the US Dollar (USD).
Per the report, “BTC has appreciated +93% relative to gold in 2023, whilst ETH is up 39% in gold terms. This strong performance comes amidst increasing global uncertainty, likely catching the eye of many traditional investors.”
Bitcoin and gold are usually involved in a neck-and-neck battle for safe haven status, with various pundits stipulating that BTC is the digital form of gold. For instance, leading cryptocurrency Coinbase previously stipulated that Bitcoin was digital Gold and the halving event back in 2020 would make a strong case for the top crypto being a store of value.
Therefore, this competition is not going any time soon as investors continue eyeing assets deemed as hedges against inflation.
Glassnode also stipulated that Bitcoin’s dominance was going through the roof because it commanded more than 53% of the crypto market valuation. This was a notable surge from the cyclical lows of 38% recorded in late 2022.
Bitcoin is Experiencing Low Selling Pressure from Large Entities
As Bitcoin continues to make waves based on its remarkable run that has seen the pioneer cryptocurrency surge to highs of $38,000, large entities seem to be playing an instrumental role in this uptrend.
CryptoQuant highlighted that large-scale selling liquidity was still under water because selling pressure on the BTC network was emanating from entities holding between 10 and 100 BTC.
The leading analytics provider explained, “Whales in the 1k~10k range that led the downward trend are still relatively quiet. Entities still exerting selling pressure are in the range of 10 to 100 BTC.”
The upward momentum being experienced by the BTC market can be linked to the eight-day window period that the United States Securities and Exchange Commission (SEC) could possibly allow all the twelve pending BTC exchange-traded fund (ETF) applications, as reported by ZyCrypto.
Bitcoin was up by 6.8% in the past week to hit $37,090 at press time, according to CoinGecko.