On Tuesday, gold erased a total of $2.1 trillion in value, logging one of its worst days in years.
The yellow metal, as noted by commodity trader Peter Brandt, has lost more than half of the total crypto market cap, which currently stands at $3.7 trillion.
As reported by U.Today, Bitcoin was on track to score its best day against gold since April after briefly surging above the $104,000 level.
However, the cryptocurrency’s gains quickly evaporated due to fresh selling pressure from OG whales.
Will Bitcoin flip gold?
The recent gold sell-off came after former Binance CEO Changpeng Zhao made a rather controversial prediction about Bitcoin eventually surpassing the market cap of the yellow metal. “I don’t know exactly when. Might take some time, but it will happen,” CZ said.
As reported by U.Today, Galaxy CEO Mike Novogratz previously predicted that this could happen by the end of the current decade. The crypto mogul believes that BTC is the preferred “store of value” for younger investors.
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That said, BTC is still down by a whopping 27% against gold this year, even after the Tuesday sell-off.
No gold-to-Bitcoin rotation?
On Tuesday, Bitcoin evangelist Anthony Pompliano stated that the “great rotation” from gold into Bitcoin had already started.
The bullish call was likely a bit premature, given that the largest cryptocurrency was quick to give up its gains.
Gold bug Peter Schiff has opined that the rotation is “likely already over” after Bitcoin bulls failed to hold the $110,000 level.
The leading cryptocurrency is currently changing hands at $108,177, according to CoinGecko data.
As reported by U.Today, Pompliano recently faced some backlash after calling gold a “disastrous” investment despite the fact that it has substantially outperformed BTC this year.
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