Will bitcoin make up ground on gold?

It was another turbulent week for the crypto markets, but since Wednesday, Bitcoin seems to be leading the way upward once more. This rally coincides with the end of gold's explosive rise. Has Bitcoin started to catch up? Read more on this topic in this edition of Market News, along with an overview of all the key market developments.

Market update

Gold has come through an exceptional period of growth. After completing a major cup-and-handle pattern in 2024, the price doubled in just eighteen months — from $2,050 to $4,380 per troy ounce. The final leg of that rise was remarkably fast. In March this year, gold rose above $3,000 for the first time ever, and this month it surpassed $4,000 for the first time.

Such acceleration can never continue indefinitely. Often the rise ends in a 'blow-off top': a sharp peak between a rapid rise and a rapid fall, and this appears to be forming now. It may turn out to be nothing more than a brief pause in a broader bull market for gold and commodities, but it's one that's putting the spotlight on Bitcoin. Is Bitcoin starting to close the gap?

We often quote Bitcoin's price in dollars or euros. A higher price can mean your Bitcoin's purchasing power has increased, but it can also mean that government funds have lost value. That's why analysts sometimes express Bitcoin's price in terms of gold. In 2021, 2024, and 2025, Bitcoin's price repeatedly hit a ceiling of 36 to 40 troy ounces per Bitcoin. Seen this way, Bitcoin’s value has effectively been flat for more than four years.

In recent months, it dropped to 28 oz/BTC: the result of gold's sharp rise and Bitcoin's stagnation. If the price were to climb back to the neckline of 40 oz/BTC now, that would correspond to a Bitcoin price of around €140,000. The real fireworks, however, would only begin with a breakout above this zone. After five years of consolidation, things could move quickly.

Featured

Crypto: from hype to real use

The latest edition of Andreessen Horowitz's annual State of Crypto report (also known as a16z) has just been released. Browsing through it gives the same feeling as looking back at the early days of the internet — but this time for crypto. According to the venture capital firm, 2025 was the year the world went "on-chain." A real turning point. Crypto is no longer an experimental playground, but a fully-fledged financial ecosystem.

The figures presented by a16z are impressive. The total crypto market has surpassed the $4 trillion mark. Stablecoins processed an estimated $9 trillion in organic payment volume over the past year. And through regulated ETFs, billions have flowed into Bitcoin and Ether via traditional institutions like BlackRock and Fidelity.

De cijfers die a16z opvoert, zijn indrukwekkend. De totale cryptomarkt is door de grens van 4 biljoen dollar gebroken. Stablecoins verwerkten het afgelopen jaar naar schatting 9 biljoen dollar aan organisch betalingsverkeer. En via gereguleerde ETF’s stroomden miljarden richting bitcoin en ether, via traditionele partijen als BlackRock en Fidelity.

Source: State of Crypto 2025

Another striking aspect of the report is the emphasis on usage. Blockchain networks now process tens of thousands of transactions per second. Emerging markets are embracing stablecoins as alternatives to failing currencies. And the first real products at the intersection of crypto and AI are emerging. The technology is being used, not just bought.

Government attitudes are changing too. Significant strides have been made, particularly in the US. The report highlights the US GENIUS Act as an example of a new regulation aimed at bringing greater clarity for users and businesses.

What does all this mean for today's crypto investor? Perhaps that it's no longer just about finding the next lucrative investment, but also about understanding where the technology itself is heading. Stablecoins as the foundation of the digital dollar. Rollups as highways for applications. Tokenization of existing assets. And smart combinations of AI and crypto.

Everything indicates that crypto is rapidly maturing, and that it’s far from "finished." On the contrary, there's still plenty of unexplored territory. But the fact is that the sector no longer runs solely on speculation but is driven by real-world use, genuine demand, and applications that function outside the bubble. The technology is mature enough to be taken seriously—and young enough to keep surprising us.

Other news

• Crypto suddenly takes center stage in New York’s mayoral election. Former Governor Andrew Cuomo has announced his bid to become mayor of New York and is using crypto as a key asset, promising to make the city the "world capital of digital money." His main rival, Zohran Mamdani, has criticized the move, pointing to Cuomo's ties to the OKX exchange. The elections will take place on November 4th. They won't determine the fate of crypto, but it’s certainly a signal: New York is, after all, the home of Wall Street.

• Aave acquires neobank Stable to make DeFi more accessible. The acquisition of the fintech company gives Aave access to technology and talent that will allow it to offer savings and lending products directly to consumers. Aave aims to follow up on its success as a DeFi protocol with a user-friendly banking experience that is suitable for a wider audience. The purchase price has not been disclosed.

• Ant Group moves towards crypto with ‘AntCoin’. The fintech giant behind Alipay has registered trademarks in Hong Kong that appear related to stablecoins and blockchain services, including AntCoin. The filings appear to be preparations for future expansion in digital payments, although legislation and regulation in China remain a major hurdle. Nevertheless, even Eastern tech giants are looking at crypto again.

• Video platform Rumble introduces Bitcoin tipping. The YouTube alternative is popular among conservative creators and now has more than 50 million monthly users. Together with Tether, it is testing a function that will allow views to reward video makers with Bitcoin. The launch is scheduled for December. Tether previously invested a whopping $775 million in Rumble – a partnership that is now being strengthened further.

Satoshi Radio: In the latest episode of Satoshi Radio, you'll hear what most media outlets didn’t cover about the Nobel Peace Prize: bitcoin played a key role in the winner's story. The most important news is also covered, such as the new x402 protocol and AIs that trade independently. Of course, the market update will bring you up to speed on the markets. Where are things headed?

This article is for informational purposes only and does not constitute a marketing communication or recommendation. None of the content herein should be considered as investment advice or a substitute for it. Bitvavo makes no guarantees regarding the accuracy or completeness of the provided information. Investments involve risks. There is a possibility of losing your entire invested capital.