BTC $42482.29 (-3.2%)
ETH $2961.61 (-4.4%)
USDT $1.00 (-0.0%)
BCH $538.12 (-2.1%)
BSV $154.93 (8.99%)
LTC $156.64 (-2.6%)
BNB $363.71 (-2.1%)
ADA $2.08 (-2.8%)
DOGE $0.20 (-2.2%)
BTC $42482.29 (-3.2%)
ETH $2961.61 (-4.4%)
USDT $1.00 (-0.0%)
BCH $538.12 (-2.1%)
BSV $154.93 (8.99%)
LTC $156.64 (-2.6%)
BNB $363.71 (-2.1%)
ADA $2.08 (-2.8%)
DOGE $0.20 (-2.2%)

Bitcoin Overtakes Gold and Other Virtual Commodities

Bitcoin Overtakes Gold and Other Virtual Commodities - CoinQuora

Bitcoin (BTC) surpasses gold and other virtual assets, making it the current leader in the world of digital assets.

In the past months, BTC managed to resist the bears and regain its composure back to its bullish position. Today, BTC is traded at a high price of around $10,807, with a 38% growth rate in the past year.

BTC/USD daily price (Source: TradingView)
BTC/USD daily price (Source: TradingView)

However, there are also other digital assets that are traded in the virtual asset market. Among these are gold, traded at a price of $1,861.67, and S&P 500 Index, traded at a price of $3,298.46. These price standings make BTC outperform them during the month of September.

Aside from being the top digital asset, the crypto was also seen to be recognized by different countries worldwide. Reportedly, the first regulated crypto exchange in Canada allows Bitcoin trading, alongside Ethereum, without a commission fee. In addition, the number of Bitcoin ATM installations around the world grew to over 10,000 units.

All these developments led the CEO of Global Macro Investor Raoul Pal to react. He said,

In my opinion, Bitcoin is the best reserve asset and best collateral asset ever seen. It is the hardest asset ever produced, with an impossible-to-change formula for supply that gives it predictability like no other asset ever.

Meanwhile, another analyst has stated that bitcoin price could reach over $100,000 on or before the year of 2024. This is due to the success of the previous halving in the past years.

Overall, the growing interest of people in Bitcoin evidently shows. In comparison to other digital assets outside the crypto space, Bitcoin still manages to outshine them and maintain its rank as the leading digital asset in the crypto market cap.

Also Read: Bitcoin halving price prediction 2024

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.