Bitcoin turned heads this month when its value exceeded the price of gold, but just weeks later, the digital asset has fallen off the pace.
The digital currency surpassed the per-spot ounce price of gold on 2nd March, when it traded for $1,238 and gold was listed at $1,237 on the XAU/USD spot exchange rate provided by Bloomberg Markets.
The event marked the second time in history bitcoin was worth more than gold. This time round, bitcoin was trading high amid optimism that the SEC could soon approve a bitcoin ETF for retail investors.
Still, bitcoin didn't enjoy this superior position for long. According to the CoinDesk Bitcoin Price Index (BPI), prices have fallen sharply since the eventual rejection – a trend that continued amid uncertainty about the future of its technical roadmap.
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I have to admit, this type of thing is greek to me. But I know it takes work to keep track of :)
You have been visited by droomits
Bitcoin is picking up just fine, the Fork scare is the main cause of the price drops along with the ETF rejection. It's just a temporary bump, I still think Bitcoin will climb above $1500 before the end of the year.
Gold = bitcoin
bitcoin = Gold