Gold has reached unprecedented heights, breaking through the $3,025 per ounce mark, reflecting an increase of more than 15% since the beginning of the year. In contrast, bitcoin (BTC) is trailing behind, down 10% year-to-date.
A number of elements have fueled gold’s rise, including substantial investments into gold ETFs and its established reputation as a safe haven during times of geopolitical tension.
Moreover, the rhetoric surrounding potential new tariffs in the U.S. under the Trump administration has boosted demand for U.S. equities. Gold’s remarkable surge has pushed its price up 40% year-over-year, significantly outpacing Bitcoin, which has only gained 16%.
Traditionally, when gold enters a bull market, bitcoin tends to either stagnate or decline. These assets seldom move in sync, although there are instances where both may rise or fall at the same time.
During the period from 2019 until Q3 2020, gold enjoyed a vigorous rally while bitcoin largely held its ground, a phase that corresponded with the onset of the COVID-19 pandemic. Conversely, bitcoin had its bull market in 2021 while gold experienced a lack of movement. By 2022, as global interest rates started to climb, both assets faced downward pressure, but they rebounded in 2023 and 2024. Now, in 2025, we are seeing a renewed divergence between the two.
The founder of ByteTree has referred to this gold rally as a “true gold rush,” a phenomenon not witnessed in the market since 2011.
“With gold trading above $3,000, silver surpassing $24, and gold stocks gaining traction, it occurs to me that the crypto community has never experienced a real gold rush. The last significant occurrence was in 2011, when Bitcoin was just emerging at $20. This time, they’ll be more aware,” he noted.