Gold Leads the Way as Bitcoin Follows; History Shows Familiar Pattern
James Van Straten | Edited by Oliver Knight Updated Mar 18, 2025 1:11 PM UTC Published Mar 18, 2025 10:13 AM UTC
The price of gold has reached a new all-time high, surpassing $3,025 per ounce, up more than 15% year-to-date. Meanwhile, Bitcoin (BTC) has retreated 10% year-to-date.
Rising gold prices are supported by several factors, including significant inflows into gold ETFs and its traditional function as a safe haven asset in times of geopolitical uncertainty.
Moreover, the Trump administration’s tariff talks in the US have further increased interest in US stocks. The historic rise in gold prices has seen its value increase by 40% year-on-year, significantly outpacing Bitcoin’s 16% gain.
Historically, when gold starts a bull market, Bitcoin often either stagnates or falls. The two rarely move together, although there are times when both can rise or fall at the same time.
During the significant rallies between gold and Bitcoin from 2019 to 2020, gold initially led the way. Bitcoin followed in Q4 2020, rapidly increasing its value in its own bull run, while gold became less prominent.
By 2022, as global interest rates began to rise, both assets came under pressure before recovering in 2023 and 2024. Now, in 2025, the market is seeing a new divergence between the two.
ByteTree founder Charlie Morris has described the current rise in gold prices as a “real gold rush” – something the market has not seen since 2011.
“Gold is above $3,000, silver is above $24, and gold stocks are gaining popularity – it amazes me that the crypto community has never experienced a real gold rush. The last time it happened was in 2011, when Bitcoin was just starting to develop at $20. Now it will happen again.”
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