The bitcoin to gold ratio measures how many ounces of gold one bitcoin buys. One bitcoin now buys just over 20 ounces of gold. The ratio hit a low of 12.2 ounces on 28 February, so bitcoin is winning the relative trade again. And the monthly chart below shows why that may continue in the long run.
Higher lows for the bitcoin to gold ratio, lower lows for the RSI
The chart shows the bitcoin to gold ratio since 2018. We’re using monthly candles here to get a zoomed out view of the bigger trend (each red or green candle is one whole month). You can also see the relative strength index (RSI) in orange underneath. Mathematically, it compares the strength of up months against down months (over the past 14 months).
Source: TradingView | As of 7 October 2026
Notice the Covid crash low in 2020, the 2022 bear market low, and the February 2026 low. Each low was higher than the one before. But the RSI lows under them do the opposite: each one was lower than the last.
Traders call this “hidden” RSI bullish divergence. Even though “buying” pressure got weaker (according to the RSI), the ratio still made higher lows. It tends to appear when sellers run out of steam inside a longer uptrend. And here, it’s repeated three times.
Gold is still about 17 times bigger than bitcoin
All the gold ever mined is worth about $28.9 trillion, while all the bitcoin is worth around $1.7 trillion (CompaniesMarketCap, as of 6 October 2026). So, gold is still roughly 17 times bigger than bitcoin by market size.
Bitcoin’s smaller market size can make it more volatile than gold – but it also leaves more upside potential in our view. The size difference is also one reason why the two assets don’t always behave the same way, as our bitcoin vs gold guide showed.
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Key takeaways
- The bitcoin to gold ratio is back above 20 ounces, up from 12.2 at the February low and above where it began 2026.
- On the monthly chart, the 2020, 2022 and 2026 lows got higher while the RSI lows got lower – hidden bullish divergence.
- Gold is still about 17 times bitcoin by market cap. In our view, that leaves bitcoin with more upside potential, but also more volatility.
