Bitcoin is now almost on par with the gold surge in value, as in just one day gold jumped 4.4%, adding about $1.5 trillion to its market value.
At the time of writing, bitcoin is at $81,252 and up 0.10% since it opened early Friday in Asian trading.
Gold has now breached $5,500 an ounce, making it an all-time high, while gold's market cap has soared to $34 trillion.
Meanwhile, Bitcoin is still sluggish after the crypto market crashed last October, which wiped out more than $19 billion in positions.
Over the past five years, gold has also outperformed Bitcoin, +185% compared to BTC's +164%.
Investor sentiment is clearly different. The Fear & Greed Index shows Bitcoin in the ‘fear’ zone (26/100), while gold has jumped into the ‘extreme greed’ zone (99/100), indicating that investor confidence in the precious metal is very high.
However, institutional investors still believe in Bitcoin.
According to a Coinbase study, 71% believe BTC is undervalued at $85k–$95k, and 80% are ready to buy again if the market falls.
Gold is now the short-term market star, while Bitcoin may still be waiting for its time to shine again.
