Gold’s market capitalization has surged past $30 trillion for the first time in history, cementing its position as the world’s largest and most valuable asset. Meanwhile, Bitcoin (BTC) has slipped sharply in recent days, widening the gap between the two safe-haven contenders.
Gold extends its dominance as top global asset
According to data from Companies Market Cap, gold’s value climbed 1.49% over the past 24 hours, with spot prices reaching $4,369. The rally pushed its total market capitalization above $30 trillion for the first time ever — surpassing all other asset classes by a wide margin.
At present, NVIDIA ranks second with a $4.4 trillion market cap, followed by Microsoft at $3.8 trillion and Apple at $3.6 trillion. Silver trails far behind its metal counterpart, sitting at $2.9 trillion.
Gold’s rapid ascent underscores its renewed appeal as a safe-haven asset, particularly amid global market volatility, rising geopolitical tensions, and fears of inflationary spillovers from the ongoing U.S.–China trade dispute.
Bitcoin slips as crypto sentiment weakens
Bitcoin, ranked eighth among global assets, has seen its market cap tumble to $2.15 trillion, down more than $200 billion since October 10. The drop follows a series of crypto market liquidations that wiped out roughly $19 billion in leveraged positions.
Despite recently setting a new all-time high (ATH) above $126,000, Bitcoin has since struggled to maintain momentum. As of October 17, BTC is trading near $105,834, down 4.5% in the past 24 hours and hovering just above the key psychological level of $100,000.
The decline comes even as Bitcoin’s price has risen 57.3% year-to-date, compared to gold’s nearly 60% gain over the same period — a rare instance where the precious metal has outperformed the digital asset in annual returns.
Safe-haven dynamics shift toward gold
The widening gulf between gold and Bitcoin underscores the ongoing debate over which asset serves as the true safe-haven in times of economic stress. Investors have been flocking to gold as the Trump administration’s escalating trade war with China heightens uncertainty across global markets.
At the same time, gold’s status as a centuries-old store of value contrasts sharply with Bitcoin’s volatility and speculative reputation. As capital rotates back into traditional hedges, Bitcoin’s correlation to risk assets has strengthened, making it more vulnerable to macro-driven selloffs.
Can Bitcoin catch up to Gold’s dominance?
At the end of 2024, ARK Invest CEO Cathie Wood predicted that Bitcoin could eventually surpass gold’s market capitalization, citing its superior portability, transparency, and adoption potential. At the time, BTC’s market cap hovered around $2 trillion, while gold’s stood near $15 trillion.
Since then, however, gold’s market value has doubled, while Bitcoin’s has remained relatively flat, fluctuating between $2 trillion and $2.5 trillion.
Analysts at Deutsche Bank recently forecast that central banks could begin accumulating Bitcoin by 2030, a move that could significantly boost its global valuation. Yet for now, the data suggest that Bitcoin remains far behind in the race for safe-haven supremacy.
“Gold continues to dominate as the go-to hedge amid rising geopolitical and inflation risks,” one market strategist said. “Bitcoin still has long-term potential — but it hasn’t yet proven it can replace gold as the world’s primary store of value.”
