Now that the bitcoin price is back above $50,000, cryptocurrencies are in the limelight once again. A rising tide tends to lift all boats, and bitcoin’s ascent has leading coins up by double-digit percentages this week. Over the past seven days, bitcoin’s value has ballooned by more than 25%, while Ethereum is up over 20% and rival blockchain Solana has advanced 15%.
The altcoin rally has investors searching for the next potential bitcoin. But according to Galaxy Digital CEO Mike Novogratz, there is only one digital gold and that’s bitcoin. He told CNBC,
“Bitcoin is digital gold. I think it’s won that lane. I think it will continue to be adopted and it will take more and more of gold’s market cap.”
Novogratz explained how bitcoin’s market cap of $1 trillion is approximately 12% of gold’s. According to the bitcoin bull, it’s only a matter of time before the leading cryptocurrency reaches the size of gold’s multi-trillion dollar market.