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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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  • Home
  • Crypto
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    CryptoPunks and Pudgy Penguins Draw Major Sales

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Blockchain Bookmakers: A New Era of Fair and Secure

    Blockchain Bookmakers: A New Era of Fair and Secure

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

  • Blockchain
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    Polyhedra Network launches Proof Cloud in open beta

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Altcoins

Is Bitcoin the new gold? What the data suggests

October 29, 2023
in Altcoins
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Is Bitcoin the new gold? What the data suggests
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  • Bitcoin’s co-relation with gold has reached new heights. 
  • At press time, traders had a positive outlook towards BTC.

Amidst economic uncertainty, traders are searching for ways to safeguard their wealth. Usually, gold has been their go-to choice during troubled times. However, there’s been a recent shift in the financial landscape.


Read Bitcoin’s [BTC] Price Prediction 2023-2024

READ ALSO

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Gold rush

Bitcoin [BTC] was gaining popularity as an investment in the past few weeks. Additionally, its connection with gold reached its highest level since the banking crisis earlier this year.

This correlation between BTC and gold boosted positive sentiment around Bitcoin. It is increasingly being viewed as a hedge against economic uncertainty.

BTC’s correlation to gold is the highest that it’s been since the banking crisis earlier this year pic.twitter.com/tF5juTJx1k

— Will Clemente (@WClementeIII) October 28, 2023

At the time of writing, Bitcoin was priced at $34,100. Both its price and trading activity experienced substantial surges in recent days. However, there was a drop in overall sentiment about BTC.

This implied that negative feelings and comments about Bitcoin were starting to outnumber the positive ones. This mismatch between Bitcoin’s price and the sentiment surrounding may lead to a bearish trend in the future.

Source: Santiment

Miners are happy

Another important factor that could play a huge role in Bitcoin’s selling pressure is the behavior of Bitcoin miners. These miners validate transactions and secure the network. Recently, miner revenue grew significantly, indicating that miners were earning more.

See also  Dogecoin price prediction: Is a June rally likely?

This spike in miner revenue is important for Bitcoin’s stability. When miners are making substantial profits, they are less likely to sell their holdings. This in turn reduces selling pressure on the market.

Source: Blockchain.com

Additionally, mining difficulty has also saw a large surge. This difficulty measures the computational effort required to mine new Bitcoins. As the difficulty level rises, mining new coins becomes more challenging. This ends up impacting the overall supply of Bitcoin.

With the rising mining difficulty, the creation of new Bitcoins slows down. This could potentially lead to increased scarcity. This factor has previously been linked with upward price movements.

Source: Blockchain.com


Is your portfolio green? Check out the BTC Profit Calculator


Traders go long

Turning to the sentiment of traders, their belief was high. At the time of writing, long positions made up 54.2% of all trades, according to Coinglass. This suggested a bullish sentiment among traders.

This hopeful outlook showed the growing interest in Bitcoin despite neutral price movements. It is yet to be seen if these traders will maintain their positions in the future.

Tags: BitcoindataGoldSuggests

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