During the ongoing Russia-Ukraine conflict, the Bitcoin vs Gold comparison is trending. Many crypto specialists have referred to bitcoin as the “digital gold” of the twenty-first century. As an investment asset, it has a lot in common with gold. However, analysts say that uncertainty about Bitcoin’s legality as a means of exchange throughout the world, as well as price volatility, demonstrates that it still has a long way to go before it can be compared to genuine gold.
When an asset is put to the ultimate test, it is during a crisis. Gold may have been more essential than Bitcoin during the ongoing armed conflict between Russia and Ukraine. This was reflected in the rise in the yellow metal’s retail price in the early days of the war.
Bitcoin Has Been Performing Well
However, when comparing the prices of Gold and BTC since the commencement of the Russia-Ukraine conflict, the digital asset appears to have outperformed the yellow metal, rising almost 16 percent since February 24. The price of BTC was $35,082 on February 24, the day Russia began military actions in Ukraine. Since then, the most popular crypto asset’s price has gone through multiple ups and downs.
Since the start of the war, the price of BTC has increased by more than 16 percent. Following reports of increased demand for crypto assets in Ukraine and Russia, the bitcoin price reached a high of $44,644. Since then the price of the crypto asset fell by over 8%, last week.
On Friday, most alternative cryptocurrencies (altcoins) underperformed BTC, indicating that crypto traders had a lesser appetite for risk heading into the weekend. Furthermore, bitcoin’s dominance ratio, or BTC’s market cap compared to the entire crypto market cap, increased, reversing a recent short-term slump.