Gold's $2.1 trillion decline equals more than half of the entire crypto market capitalization

Gold wiped out a total of $2.1 trillion in value on Tuesday, its worst day in years.

As commodity trader Peter Brandt pointed out, the yellow metal has lost more than half of its current $3.7 trillion cryptocurrency market capitalization.

As reported by U.Today, Bitcoin was on track to record its best day against gold since April after soaring above the $104,000 level at one point.

However, the crypto gains quickly evaporated due to renewed selling pressure from the US. and the whale.

Will Bitcoin reverse gold?

Gold's recent decline came after former Binance CEO Qiao Changpeng made a rather controversial prediction that Bitcoin would eventually surpass the yellow metal's market cap. “I don't know exactly when it will happen. It may take some time, but it will happen,” CZ said.

as U.Today reportedGalaxy CEO Mike Novogratz previously predicted this could happen by the end of this decade. The crypto mogul believes that BTC is a preferred “store of value” for young investors.

However, even after Tuesday's selloff, Bitcoin is still down a whopping 27% against gold this year.

Is there no rotation from gold to Bitcoin?

Bitcoin evangelist Anthony Pompliano on Tuesday. said This means that the “great revolution” from gold to Bitcoin has already begun.

The bullish call was likely a bit premature, given that the biggest cryptocurrencies quickly gave up their gains.

Gold expert Peter Schiff said the rotation is “probably over” after the Bitcoin bull market failed to sustain the $110,000 level.

The leading cryptocurrency is currently trading at $108,177, according to CoinGecko data.

As reported by U.Today, Pompliano faced some backlash recently when he called gold a “disastrous” investment, despite the fact that gold has significantly outperformed BTC this year.