The price of the gold has skyrocketed to a new all-time high, pushing its market capitalization to a new milestone, with analysts predicting Bitcoin could be next.
Gold’s market capitalization reached a record $30 trillion on Thursday as the commodity surged to a new all-time high of $4,357 per ounce.
The milestone market cap peak means that gold is now 14.5 times larger than Bitcoin’s market capitalization, which is around $2.1 trillion.
It is also 1.5 times larger than the market capitalization of the “Magnificent 7” largest tech companies on the planet, Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta and Tesla, whose combined market capitalization is just around $20 trillion.
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