Dec 01, · While the Bitcoin market cap is around $ billion, the Gold’s global market cap is $9 trillion. Meaning gold is 26 times the size of Bitcoin at present. However, Bitcoin billionaires and founder of Gemini crypto exchange – Winklevoss Twins – are very much confident that the BTC price can surge all the way to $K to surpass gold. Dec 18, · Bitcoin’s price is continuing to flirt around the $23, mark — prompting enthusiasts to claim that crypto is about to overtake gold as the ultimate safe haven asset. But although the precious metal has been underperforming recently, Goldman Sachs isn’t convinced that BTC is going to steal gold’s lunch money. Bitcoin Gold price today is $ USD with a hour trading volume of $13,, USD. Bitcoin Gold is down % in the last 24 hours. The current CoinMarketCap ranking is #85, with a market cap of $,, USD. It has a circulating supply of 17,, .
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While many within the crypto space might have shared this view for years, this belief has been increasingly spreading amongst traditional institutional investors as well.
Earlier this year, renown hedge fund manager Paul Tudor Jones disclosed his investment in Bitcoin. This trend is evident when looking at the average size of transactions taking place on the Bitcoin blockchain.
The average transaction size seen on August 17 was the highest so far in and the second highest in the last twelve months. With Bitcoin prices remaining far more volatile, though, it is still considered a riskier investment for most traditional institutions, especially if there is a liquidity shock and markets-wide panic as seen earlier this year.
A different type of gold rush has been taking place within crypto this year. DeFi tokens have seen stellar returns amid increased usage and growing liquidity supplied by users. Lending protocol Aave has realized a particularly exceptional price performance with its native token LEND up by over 30x year-to-date. While there has been an increasing amount of speculation among DeFi tokens, blockchain activity also signals growing value coming from user transactions within DeFi protocols.
One common supply-side metric tracking the liquidity provided to these protocols is the total value locked TVL in smart contracts powering these systems.
Despite growing criticism about the actual value locked being significantly smaller than reported in DeFi Pulse, on-chain activity for these protocols and their tokens demonstrate thriving activity. For instance, the number of transactions for the LEND token recently reached an all-time high.
Among the many features described, they teased a collaboration with real estate tokenization platform RealT through which they aim to bring mortgages to the Ethereum blockchain. The upgrade will also introduce a series of gas optimizations aiming to lower the cost of using the Aave protocol as Ethereum gas fees continue to climb. Overall, while there may be inflated expectations and speculative activity surrounding Aave, these upgrades remark its large ambitions to provide finance without frontiers.
While there are no guarantees for Aave and DeFi, there is no denying that these innovations have the potential to redefine finance as we know it. In this upgrade, Litecoin will be implementing Mimblewimble — a highly scalable privacy protocol that would give Litecoin users the option to remain anonymous.
In part, this upgrade may have sparked increasing activity within the Litecoin blockchain. Along with the recent price increase, the number of Litecoin transactions has been growing. As can be seen in the graph above, the number of Litecoin transactions reached the highest average level since January By diving deeper into the value of these transactions, we can observe that it is likely that whales have been making more Litecoin transactions, possibly investing into it. The Bitcoin rally in has been fueled by institutional players stepping in, along with the narrative of digital gold.
This has been evidenced by support from large traditional finance players such as Blackrock, JPMorgan and Fidelity, fintech companies such as Square and PayPal, and renown macro investors such as Paul Tudor Jones and Stanley Druckenmiller. Through on-chain indicators, we can confirm that institutional interest has indeed been growing throughout Given the size of these transactions, the large transaction indicators provide a proxy to the activity of institutional players and whales. Furthermore, the total volume transferred in these has experienced even larger growth.
Along with the high level of activity from institutional participation, Bitcoin has appreciated remarkably. Ultimately, the next few months are likely to play a key role defining the mid- to long-term path of Bitcoin amidst the macroeconomic environment. Phase 0 consists of the launch of the Beacon chain, a proof of stake chain processing transactions and reaching consensus in parallel to the legacy proof of work blockchain.
Through the proof-of-stake consensus, users locking their ETH supply on the staking contract are able to receive passive earnings on top of their deposits.
All of these trends have helped push Bitcoin forward in its latest move. The minimum threshold for ETH 2. The total amount of Ether deposited more than doubled within the last two days for the target. At the time of writing, the Beacon chain has reached a total of 2, unique depositors, supplying over , ether.
This is now nearly twice the minimum threshold that had been set for the launch of phase 0 of ETH 2. Given the magnitude of the inflows of ether into the deposit address, liquidity had to decrease elsewhere. In this case, DeFi protocols have seen a significant reduction in the total amount of ETH locked in their smart contracts. Throughout the last month, the total amount of Ether supply locked in DeFi protocols has decreased by approximately 2 million. This trend accelerated after the ending of UNI liquidity mining rewards in Uniswap.
While a large portion of the Ether withdrawn from this indicator ended up in the deposit contract, it is likely that some also ended up in smaller, newer DeFi protocols not accounted for in the metric. This seems to be the most likely scenario as centralized exchange inflows for ether remained stable throughout the month. Along with the positivity from reaching this milestone, Ethereum is also showcasing strong growth in on-chain metrics.