Bitcoin price claimed another all-time high on Friday, this time against gold, offering further confirmation that demand for digital assets is on the rise.
As Bitcoin (BTC) zipped past $29,000 on Friday, the digital currency reached a high of 15.40 gold ounces, surpassing the previous peak from December 2017, according to MarketWatch data.
According to U.Today, the Bitcoin-gold rate peaked at 15.62 ounces during the early morning.
2020 was a watershed year for Bitcoin as institutional adoption helped catalyze a bull market unlike any we’ve seen thus far in its 11-year history. The largest cryptocurrency by market capitalization, Bitcoin saw a massive increase of around 300% in 2020.
Gold also posted impressive gains for the year, though they paled in comparison to Bitcoin’s meteoric rise. The yellow metal’s spot price ended the year on a 25% gain.
Bitcoin’s biggest proponents believe the digital currency is eating away at…