Similar to gold, silver is another interesting metal for comparison with Bitcoin in the price department. Although discussions regarding Bitcoin vs silver are not too common, there are always interesting data points. In recent weeks, Bitcoin has clearly made a mark on this ratio.
Bitcoin vs Silver Chart
Looking at the current value of Bitcoin and silver individually, there is no real content. Silver has had a good year in 2020, as its value surged to over $24 with relative ease. It has not seen any major setbacks either, which is somewhat remarkable. The year 2020 has been very weird for all markets, after all. Even so, silver has gone through a solid rally, and is not slowing down as of yet.
Despite this solid price growth, there has been no visible uptrend in the Bitcoin vs silver ratio. In fact, the precious metal has continually lost ground in recent weeks. Even today, it seems as if the 0.00158 ratio will not hold for much longer. With such a ratio, it confirms one can purchase 632.91 ounces of silver for the value of 1 Bitcoin.
Similar to the Bitcoin vs gold ratio, it is evident the world’s leading cryptocurrency continues to come out on top. Very interesting, considering how both gold and silver have had a very good run this year as well. It is, by the look of things, much easier for Bitcoin to break out compared to these metals. As such, the Bitcoin vs silver ratio is likely to keep moving in favor of the cryptocurrency.
One thing to keep in mind is how the RSI for Bitcoin vs silver is clearly in oversold territory. Even so, it continues to drift lower every single day. Combined with a looming bearish cross of the MA50 and MA200, there does not appear to be any recourse in sight. This doesn’t invalidate silver as a valuable asset for speculative purposes, though. It is more accessible than Bitcoin, even though no one needs to buy a full BTC in one go either.
Can Silver Sustain its run?
Numerous factors contribute to the overall momentum of financial markets. News of the new coronavirus vaccine has some people excited, even though it is too early to declare victory. There will not be enough vaccines to give everyone the doses they need, especially not where Pfizer is concerned. Even by late 2021, there will be enough doses for 650 million people maximum, as everyone needs two shots. That is less than 10% of the world’s population, for a vaccine with a success rate below 100%.
Judging by the Bitcoin vs silver ratio, it is possible silver may see some negative momentum in the coming days. However, that is likely short lived, as there are other factors at play as well. There is still plenty of financial uncertainty to go around. That alone will wreak havoc on all economies, increasing demand for safe haven assets in the process. Good news for Bitcoin, silver, and gold when that happens.
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