BlockBeats News, October 17th, according to Cointelegraph’s report, on Thursday, as the price of gold surged to a new all-time high of $4,357 per ounce, its market capitalization reached a record of $30 trillion. This means that the market cap of gold is now 14.5 times the market cap of Bitcoin, which is around $2.1 trillion. It is also 1.5 times higher than the total market cap of the global “Big Seven” tech companies—Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla (around $20 trillion).
Due to the depreciation of the US dollar, geopolitical tensions, and trade tariff issues, investors have rushed to gold. Since January 1st, the price of gold has soared by 64%. Many analysts believe that when the gold market cools down, capital will shift to Bitcoin, often referred to as digital gold.
