On February 10th, as the spot price of gold approaches $5,000 per ounce, the valuation gap between altcoins and gold has widened sharply. Crypto analyst Michaël van de Poppe pointed out that the current “altcoin to gold” ratio has fallen to its lowest historical levels, with the weekly RSI dropping to 25, approaching extreme levels seen during the 2020 pandemic black swan event. This indicator is viewed as a “structural undervaluation” signal for non-mainstream crypto assets relative to precious metals.
Against the backdrop of a strong rally in gold, RWA tokens linked to physical gold have become some of the few contrarian assets. PAX Gold (PAXG) fluctuates around $5,035, with a daily trading volume exceeding $400 million; Tether Gold (XAUT) remains near $5,013, with a cumulative increase of over 11% in the past month. However, overall, the tokenized commodity market size is only about $800 million to $1 billion, still very limited compared to the global spot gold market worth trillions of dollars.
Industry data shows that by 2026, with increased regulatory transparency and institutional efforts to connect on-chain funds and vault products, the tokenized precious metals market will reach new highs, but trading volatility will remain intense. Recently, gold and silver futures have both pulled back simultaneously, triggering high-frequency liquidations in the RWA derivatives market, with perpetual contract weekly trading volume once surpassing $15.5 billion.
In stark contrast, many small- and mid-cap altcoins are facing dual pressures of “dilutive issuance and tightening liquidity.” Market funds are more inclined toward defensive assets, making gold and its on-chain reflection tools more attractive. Some opinions suggest that these extreme readings may indicate long-term allocation opportunities, but they could also be just value traps.
From the Bitcoin-to-gold ratio to relative altcoin valuations, the signals conveyed by the data are that crypto assets are being priced more as high-beta tech assets rather than “digital gold.” Future trends will still depend on macro liquidity and risk appetite shifts.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
On-chain address unrealized gains have increased to $11.5 million, making it the largest long position holder on the Hyperliquid platform for both ETH and BTC.
On March 13, on-chain monitoring showed that address 0xa5b0's floating gains expanded to $11.5 million as ETH rebounded to $2,100, with a position size reaching $199 million. This address is the largest long position holder on the Hyperliquid platform, primarily holding ETH long positions with 15x leverage and BTC long positions with 20x leverage.
GateNews5m ago
Yesterday, the US Bitcoin spot ETF saw net inflows of $54.08 million, with BlackRock's IBIT receiving inflows of $46.36 million.
On March 12, monitoring data showed that US Bitcoin spot ETFs had net inflows of $54.08 million, with main inflows from BlackRock and Fidelity, while Bitwise and Grayscale experienced net outflows. Specific inflow and outflow details are as follows.
GateNews5m ago
Bitcoin Miners Shift Focus to AI to Capitalize on Energy Infrastructure
The growing intersection of cryptocurrency and artificial intelligence is pushing Bitcoin mining companies to adapt their infrastructure for AI computing needs. By leveraging existing energy resources, mining operations seek to diversify revenue streams while facing competition and regulatory challenges.
TapChiBitcoin19m ago
STRC of Strategy sets a trading record of 7.3 million shares, equivalent to approximately 4.086 BTC
STRC of Strategy achieved a record trading session with 7.3 million shares exchanged, reflecting strong investor demand. The high volume, equivalent to about 4.086 BTC, enhances liquidity and draws greater interest in their financial products, linking traditional finance with the cryptocurrency market.
TapChiBitcoin27m ago
A Certain CEX Denies Blocking Bitcoin Small Transaction Tax-Exemption Policy
A certain CEX executive denied allegations of obstructing a tax-exempt policy for small Bitcoin transactions, stating that the exchange has been lobbying for it. Lawmakers are considering tax exemptions for stablecoins, but Bitcoin has not been included in the relevant legislation.
GateNews1h ago
