Bitcoin's price increase shows no signs of slowing down, and its recent all-time high valued an asset higher than a 20 ounce gold bar.
In the last six hours, Bitcoin prices were $40,000 short according to Tradingview.com. The movement has added another 5% in the last 24 hours and the rally shows no signs of cooling down yet.
Industry observers often call Bitcoin "digital gold" because it is a store of valuable assets, and this last price peak has pushed prices higher than those for a standard 20 ounce gold bar.
This rally is slightly different from 2017 because it is driven mainly by institutions that, unlike retailers, tend to hold assets for long-term investment rather than shifting them to short-term profit. This concept forces the holding of Bitcoin property value, making it more comparable to gold than ever before.
In terms of results, Bitcoin achieved 378% in the last 12 months, while gold only gained 21.6% in the same period.
Moreover, Bitcoin is still reaching new, ubiquitous records, but gold prices have fallen by 7.6%, or $2,070/oz on 6 August 2020.
