The precious metal has had a very impressive year, rising by around 27% and hitting a new all-time high on Friday.

However, does this impressive year-to-date gain mean that it has performed better than Bitcoin, which is far from its peak?

Gold Dominates 2024

Perhaps due to the overall macroeconomic situation, several wars that have broken out, uncertainty over multiple election cycles, purchases by emerging market central banks, or other reasons, the yellow metal has been at the forefront of the price rally in 2024. It entered the year at $2,065 an ounce, but quickly began to rise against the US dollar.

The climax came yesterday, when it surged to $2,622, hitting a new all-time high. This means that its value has risen by 27% since January 1. Its price dynamics against other currencies, such as the euro or the British pound, are quite similar.

But that’s not all. Experts believe that its rise is far from over. A recent study by Goldman Sachs suggests that gold could rise even further, to around $2,700 in the next few months, especially if the US imposes new financial sanctions on other countries after the elections. The US debt burden is another factor that could push its price higher.

And what about Bitcoin?

Bitcoin occupies a controversial position in the global economy. Enthusiasts see it as a natural replacement for gold, as it has many of its advantages, but operates in the digital world. Critics argue that it is too volatile, and its short history makes it more of a risky asset than gold, which has been around for as long as humanity can remember.

However, BTC has also been on the rise this year. On January 1, it was trading at around $42,200 and soared to a new all-time high less than three months later at nearly $74,000.

While it has lost ground in the months since, even dipping below $50,000, it is currently trading at $63,000. This means that even though it is more than ten grand off its ATH in March, its 2024 rally has seen gains of around 50% – or almost double that of gold. So despite a very impressive year for the yellow metal, perhaps its best yet, BTC has still outperformed, at least for now.