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Bitcoin Soars as Gold Dips: The Stellar 12% Surge in BTC/XAU Signals a Market Shift
The ratio surged 12% Wednesday as the pro-crypto Republican candidate Donald Trump won the U.S. presidential election.
Updated Nov 7, 2024, 11:43 a.m. Published Nov 7, 2024, 8:27 a.m.
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- BTC/Gold registers its biggest single-day rise since February 2022.
- Renewed uptrend points to bitcoin outperformance ahead and potential rotation of money out of the yellow metal.
A week ago, CoinDesk reported that bitcoin’s price rally is expected to gain momentum as gold loses its bullish edge, prompting a rotation of capital from the yellow metal into the leading cryptocurrency by market value.
The pivotal moment appears to be here, bolstering the case for a continued BTC price to $80,000 and higher by the year-end, according to the latest developments in the ratio between bitcoin’s per-piece dollar price and gold’s per-ounce price.
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Bitcoin, the leading cryptocurrency by market value, jumped nearly 10% to record highs above $76,000 Wednesday, as the pro-crypto Republican candidate Donald Trump won the U.S. presidential election. Meanwhile, gold fell 3% to $2,658. As such, the BTC/gold (BTC/XAU) ratio surged 12% Wednesday, registering BTC’s biggest single-day outperformance relative to gold since Feb. 28, 2022, according to charting platform TradingView.
More importantly, Wednesday’s surge confirmed an end of an eight-month-long downtrend, identified by a trendline connecting highs in March and June.
The breakout suggests a renewed outperformance of bitcoin relative to gold, fueled in part by investors reallocating their funds from the yellow metal to BTC.
“Analyzing the BTC to gold ratio, we can see that the downtrend [indicative of gold’s outperformance since March] is starting to reverse. Globally, investors will increasingly focus on hedging against currency debasement and capitalizing on the Trump market play, both of which favor BTC,” Noelle Acheson, author of the Crypto Is Macro Now newsletter said.
BTC also stands to benefit from the expected regulatory clarity for the digital asset industry and increased institutional adoption under Trump’s presidency. There is speculation that the Trump administration could build a strategic bitcoin reserve.
Meanwhile, gold’s fate will likely be decided by the expectations of elevated interest rates under the Trump presidency, which could dent its appeal.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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