Gold's six-month rally versus bitcoin shows similarities to the 2019 cycle

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Gold's six-month rally versus bitcoin shows similarities to the 2019 cycle The bitcoin-to-gold ratio rebounded from recent lows, mirroring a pattern seen in the 2019-2020. By James Van Straten | Edited by Sheldon Reback Jan 30, 2026, 10:52 a.m. Make us preferred on Google BTC/Gold (TradingView) What to know : Bitcoin is on track for a sixth consecutive red monthly candle against gold, a pattern last seen in 2019/20. The bitcoin-to-gold ratio has rebounded to around 16.3 after briefly falling to 15.5 as gold and silver declined more sharply than bitcoin over the past 24 hours. A potential bottom in the ratio would not necessarily signal bitcoin strength, but could instead reflect continued underperformance in gold relative to bitcoin Bitcoin BTC $ 82,503.88 is on track to end January underperforming gold for the sixth straight month as investors ignore the largest cryptocurrency's "digital gold" moniker and seek the safety of a metal that's historically been seen as a haven in times of economic and geopolitical turmoil. The bitcoin-to-gold ratio, the amount of gold equivalent to 1 BTC, has dropped 23% this month, and is currently standing at 16.3. The six-month pattern closely resembles what happened in 2019, when the sequence began in August and ended in January the following year. Back then, bitcoin outperformed gold for the following five months. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The first signs of a retrenchment may be emerging. The ratio rebounded Friday by 4% after dropping to as low as 15.5 on Thursday. That low coincided with a sharp selloff across global markets, with risk assets declining aggressively. Bitcoin is currently hovering around $82,000, down just over 2% since midnight UTC. By comparison, gold has fallen more than 8% and silver roughly 16%. From the peak in late 2024, the bitcoin-to-gold ratio has declined by roughly 60%, placing bitcoin in a technical bear market against gold for around 14 months. Even if the ratio has now bottomed, that does not automatically imply a strong upside for bitcoin. It may simply reflect gold continuing to weaken at a faster rate than bitcoin. Bitcoin News Gold More For You Pudgy Penguins: A New Blueprint for Tokenized Culture By CoinDesk Research Dec 30, 2025 Commissioned by Pudgy Penguins Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale. What to know : Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). 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