Gold’s $1.65T One-Day Rally Nearly Matches Bitcoin’s Entire Market Cap

Bitcoin fell back toward the $88,000 area on Thursday, remaining under pressure despite a powerful rally in gold, as investors digested the Federal Reserve’s decision to keep interest rates steady.

Gold prices soared to a record high near $5,600 an ounce, extending recent gains following a report that U.S. President Donald Trump was considering a new strike on Iran.

Gold rallied over 4.4% in the last 24 hours, adding a massive $1.65 trillion in a single day to an estimated market capitalization of around $38.78 trillion. The single-day increase nearly matched Bitcoin’s $1.75 trillion market capitalization.

Silver was on a tear too, having rallied 21.5% to a record high of over $119/ounce, as the white metal also benefited from outsized demand for safe havens.

Gold’s status as a store of value spans millennia, cementing its role as a crisis hedge, as evidenced by empirical data. In contrast, Bitcoin’s performance during these times has been characterized by speculative fervor rather than crisis resilience.

Bitcoin Faces Systemic Risk Undermining Its Safe-Haven Appeal

The gold and silver rally, attributed to the “debasement trade,” has contrasted with Bitcoin’s lackluster performance, despite arguments that BTC should also behave like a safe-haven asset. 

God is no longer just a crisis hedge or an inflation hedge. It is widely regarded as a neutral and reliable store of value that also provides diversification across a wider range of macroeconomic regimes.

This may explain why observed price pullbacks have been shallow and well supported.

Meanwhile, the Bitcoin price has continued to struggle, especially after it hit an ATH in October. Gold’s performance in Q4 2025 further solidified its role as a crisis hedge.

In the last five years, the apparent gap between gold and Bitcoin has seen the precious metal outperform BTC, with gold soaring 185.3%, while BTC is up only 164%.

However, Bitcoin’s long-term viability as a safe-haven asset remains contested due to its exposure to quantum computing threats, blockchain vulnerabilities, and regulatory uncertainty. While Bitcoin’s institutional adoption has accelerated, driven by ETF approvals and macroeconomic demand, its role as a safe-haven asset remains secondary to gold.