Gold shows no signs of slowing down. Its market capitalization continues to skyrocket this week amid geopolitical uncertainty. Yesterday, its market cap rose by nearly $1.7 trillion, a staggering sum that approaches Bitcoin’s (BTC) total market cap.
Gold prices continue to skyrocket
The gold rally continues, and demand for the yellow metal shows no signs of waning. Yesterday, the price of gold rose 4.2%, bringing its weekly gain to 12.1%. In total, gold’s market capitalization stands at $36,899, a threshold never before reached by any asset.
The price of gold continues to skyrocket this week
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 cap stands at $1.755 trillion this morning. This means that gold is capable of adding nearly the entire market cap of BTC in a single trading session—an unprecedented feat.
Silver is also joining the party
Meanwhile, the price of silver continues to skyrocket—it is now the second-most capitalized asset in the world, behind gold. Over the week, its rise has been even more explosive: the price of silver has risen by 21.2%. Its market capitalization now stands at $6.605 trillion.
Meanwhile, Bitcoin continues to defy its reputation as “digital gold.” The largest cryptocurrency has lost 1% over the past 24 hours and 2.2% over the week. Its price is hovering around the $90,000 mark, shaken by uncertainty surrounding risky assets.
According to a recent report by the Financial Times, central banks have been accumulating gold since 2022, but the current rally is not solely based on this. The appetite for gold is instead driven by market dynamics and a trend toward momentum trading. In other words, speculation appears to be the driving force behind the current gold rush.
