The 30-day volatility of gold has surged above 44%—the highest level since the 2008 financial crisis. This figure exceeds Bitcoin's volatility, which stands at 39%, according to Bloomberg.
This kind of inversion is rare in the market. Traditionally, the precious metal is viewed as a more stable asset compared to cryptocurrencies.
In the 17 years since the emergence of digital assets, gold has only been more volatile than Bitcoin twice. The last occurrence was in May 2025 amid escalating trade wars.
The increase in volatility followed a sharp drop in prices. On February 2, the price of the precious metal fell by 10%, briefly reaching $4,400 per ounce. Just a week earlier, the asset was at a peak of around $5,600.
The rally at the start of the year was fueled by geopolitical risks and concerns regarding the independence of the Federal Reserve. However, the leading cryptocurrency did not benefit from these factors.
Bitcoin's price has dropped to a 10-month low, losing over 40% from its October peak. In contrast, gold has maintained its lead in returns: over the past 12 months, it has risen by 75%, while the digital asset has lost 18%.
As a reminder, in January, the precious metal outperformed the flagship cryptocurrency in returns over the past five years.