BTC vs gold: key numbers
Bitcoin as a percentage of gold. 100% means Bitcoin has caught up. Data as of .
| Metric | Now | 1 year ago | Peak | Data since |
|---|---|---|---|---|
| Market cap | 5.3% | 7.4% | 11.4% Dec 17, 2024 | Feb 2020 |
Gold has been running too
The data starts in February 2020, and the ratio's low came weeks later, at 0.8% on March 12, 2020. Bitcoin reached 10.0% of gold in October 2021 and fell to 2.5% in November 2022. It set the record of 11.4% on December 17, 2024, closing near $106,000 with gold near $2,650 an ounce. Since then gold has done most of the moving. PAX Gold first closed above $3,000 in March 2025 and above $4,000 in October 2025, and it reached $5,526 on January 28, 2026. When bitcoin set its record close of about $124,800 on October 6, 2025, the ratio was only 9.0%. On February 23, 2026, it fell to 3.5%, its lowest since March 2023.
What a flip would take
Bitcoin's supply is capped at 21 million coins and now grows by less than 1% a year, and gold's grows by less than 2%. The race is therefore almost entirely about price. A falling gold price would shorten bitcoin's climb, and a rising one would lengthen it, as 2025 showed. Bitcoin is also the incumbent on two other trackers, against Ethereum and XRP.
How we value gold
Gold has no on-chain market cap, so we build one. The price comes from PAX Gold (PAXG), a token issued by Paxos and backed by one fine troy ounce of London Good Delivery gold, which trades close to spot. The quantity is the World Gold Council's estimate of above-ground stock, 216,265 tonnes at the end of 2024, held fixed for the whole series. Mine output adds less than 2% a year. The fixed figure therefore overstates gold's stock early in the series by several percent and understates it by a few percent in late 2026. Read small moves in the ratio with that margin in mind.
BTC vs gold flip history
Bitcoin has never closed above gold in this data, which begins in Feb 2020.
Frequently asked questions
Has Bitcoin flipped gold?
No. As of November 10, 2026, Bitcoin's market cap is 5.3% of gold's, so BTC would need to grow 18.9× relative to gold to flip it. The closest it has come in this data was 11.4% on December 17, 2024.
What is the BTC/gold market cap ratio today?
Bitcoin's market cap is 5.3% of gold's as of November 10, 2026. A year earlier, on November 10, 2025, it was 7.4%. Over the past 12 months it ranged from 3.5% to 7.2%.
How close has Bitcoin come to flipping gold?
The highest reading in this data is 11.4%, on December 17, 2024. Bitcoin has never closed above gold in this data, which begins in Feb 2020.
How much would BTC need to rise to flip gold?
If gold's market cap stayed where it is, Bitcoin's market cap would need to grow 18.9× (about +1,787%) to reach parity. What matters is BTC outgrowing gold by that much, not its dollar price on its own. At today's gold market cap, that is roughly $1.39 million per BTC (it closed at $73,700 on Nov 10, 2026), assuming BTC's supply stays the same.
Where does this data come from?
Bitcoin's market cap is Coin Metrics' estimated market cap. Gold's is the price of PAX Gold (PAXG, one troy ounce per token) times the World Gold Council's estimate of all gold ever mined, 216,265 tonnes at the end of 2024, held fixed. Both are daily closes (00:00 UTC). Each chart plots Bitcoin as a percentage of gold, so 100% is parity. The data refreshes daily shortly after 00:00 UTC; the raw series is btc-gold.json.