Gold shows no signs of slowing down. Its market capitalization continues to skyrocket this week amid geopolitical uncertainty. Yesterday, its market capitalization increased by nearly $1.7 trillion, an insane amount that approaches the total market capitalization of Bitcoin (BTC).
The price of gold continues to skyrocket
The gold rally continues, and appetite for the yellow metal shows no sign of waning. Yesterday, the price of gold rose 4.2%, with a 12.1% increase over the week. In total, gold’s market capitalization stands at $36,899, a threshold never before reached by any asset.
In the space of a single trading session, gold’s market capitalization grew by $1.687 trillion, according to data shared by MacroMicro.
As a reminder, Bitcoin’s (BTC) total market capitalization stands at $1.755 trillion this morning. This means that gold is capable of adding almost the entire market capitalization of BTC in a single trading session, which is unprecedented.
Silver is also celebrating
For its part, the price of silver also continues to skyrocket—it is now the second most capitalized asset in the world, behind gold. Over the week, its growth has been even more explosive: the price of gold has risen by 21.2%. Its capitalization now stands at $6.605 trillion.
Bitcoin, meanwhile, continues to belie its reputation as “digital gold.” The largest cryptocurrency has lost 1% over the last 24 hours and 2.2% over the week. Its price is struggling to break through the $90,000 threshold, shaken by uncertainty surrounding risky assets.
According to a recent report in the Financial Times, central banks have been accumulating gold since 2022, but the current rally is not based solely on this. The appetite for gold is more likely to be driven by market dynamics and a trend toward momentum trading. In other words, speculation is more likely to be behind the current gold rush.
