Bitcoin Gains Ground amid Falling Interest in Gold

Bitcoin (BTC) has consolidated at $59,500 as the attractiveness of gold has declined, which has already approached a nine-month low. According to Bloomberg, the precious metal is approaching its first quarterly decline since 2018.

Source: denvergold.org

Interest in gold is falling due to the potential for a global economic recovery, the newspaper writes. In recent weeks, the price of gold has largely declined with no chance of recovery.

International investors put pressure on the position of gold, even more, having reduced assets in funds by 10%. According to Bloomberg, the exchange of traded funds (ETF) decreased by 49,000 ounces (1.5 tons), to 3110 tons, according to the results of trading on March 29.

Bitcoin is becoming a profitable version of gold

Bitcoin is often compared to gold as an inflation hedge. However, the cryptocurrency, unlike the precious metal, holds its position.

At the time of writing, the price of Bitcoin is trading pair at $57,961. Thus, Bitcoin is gradually returning to its all-time high of $61,316. Moreover, the capitalization of the entire cryptocurrency market sets new records at around $1.885 trillion.

The fact that Bitcoin has become more attractive than gold is also indicated by search queries on Google. So, at the beginning of the year, the number of Bitcoin searches for the first time since the 2017 rally doubled that of gold.

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Source: https://www.earnforex.com/commodities/bitcoin-gains-ground-amid-falling-interest-in-gold/