Comparing Bitcoin’s Decrease to That of Silver and Gold

We have published several articles analyzing the recent Bitcoin price decrease. However, the decrease in the prices of gold and silver has not gotten a lot of attention. Full-time trader @CryptoMichNL tweeted a gold chart, stating that both gold and silver are decreasing rapidly. In light of the most aforementioned BTC price decrease, we will compare each of them individually to see which one has fared the best/worst.

Meanwhile; Silver and Gold absolutely getting hammered. pic.twitter.com/24Mso3yEop

— Michaël van de Poppe (@CryptoMichNL) March 16, 2020

Gold

The gold price began to decrease on March 9, when it reached a high of $1,703. Measuring from that date, the gold price has decreased by 13.6% in only a week. However, when looking at a slightly longer time-frame, more specifically since the beginning of 2019, the gold price is still in an upward trend, having increased by 15.1%. The price has returned to its December 2019 levels, effectively wiping out close to four months of gains.

Silver

The silver price has been decreasing since Feb. 24 when it reached a high of $18.94. The decrease was gradual until March 12, when the rate of decrease greatly accelerated. Since its Feb. 24 high, the silver price has decreased by 32.3%. Interestingly, the current price is also 17.1% lower than that in the beginning of 2019. The current price is $12.84. The previous time the price was below $13 was in July 2009. Therefore, it is safe to assume that silver has not fared well during this bearish week.

Bitcoin

The Bitcoin price has been decreasing since March 7, when it reached a high of $9,241. While the current decrease of 44% has been massive, being the biggest out of the three assets we are analyzing, the price is still above its January 2019 levels, being 25% higher than them. Interestingly, this rate is also the biggest of the three. This disparity makes sense since BTC has been known to be more volatile than both gold and silver, thus moves of a bigger amplitude are expected in either direction. The current price is the lowest since that on March 21, 2019.

Comparison

 

	% change since January 2019	The current price level has not been seen since
Gold	+15.1%	December 17, 2019
Silver	– 17.1%	July 21, 2009
Bitcoin	+25.1%	March 21, 2019

To conclude, all three of Bitcoin, gold and silver have decreased significantly over the past two weeks. However, silver has taken the brunt of the hit, since it is the only one whose price is lower than that of January 2019, having decreased to levels not since since 2009.