Why's Bitcoin stuck under $60,000? The gold market cap may hold the answer

Cointelegraph

Published Apr 09, 2021 09:00AM ET

Updated Apr 10, 2021 11:00AM ET

After rallying more than 100% in 2021, Bitcoin (BTC) seems to be struggling to turn the $60,000 level into support. After all, what is so special about this magic round number and its accompanying $1 trillion market capitalization?

Gold's $11 trillion market cap might hold the answer, as Bitcoin's current trading volume and the amount held by institutional investors seem to match 10% of the precious metal's numbers.

Bitcoin market capitalization, USD billion. Source: TradingView
Most valuable global assets. Source: 8marketcap.com
Average daily trading volumes, USD billion. Source: gold.org
Accumulated year-to-date transparent volume on April 2, USD. Source: Nomics
Gold held by ETF products. Source: gold.org
Bitcoin addresses holding 100 to 10,000 BTC. Source: Santiment

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