These two metals have recently become essential assets for investors.
Almost every financial asset has had a banner year and is poised to close it in the green. This is especially true for the two most important precious metals, as both had their best year yet.
At the same time, the largest cryptocurrency is poised to finish 2025 with a modest loss, despite skyrocketing to a new all-time high just a few months ago. So how do these different asset classes compare now?
Bitcoin follows silver and gold
Gold has been on the run for most of the year. It entered there at around $2,610 an ounce, but soared to a new all-time high of $4,550 earlier this week, representing a 75% year-to-date rise – quite impressive for the world’s largest asset, known for its slow but steady price movements.
Silver, on the other hand, had a more modest first half. It was also in the green, but less spectacularly. It entered 2025 at $29 and was trading at $39 at the end of August. Then it accelerated, reaching around $50 in late November when investors went wild and pushed it to almost $80 by Friday’s close, shattering all previous records. This means a triple-digit increase of 172%.
At the same time, BTC was quite volatile. It was already at its highest at the start of 2025 and broke its ATHs several times. The last one was in October, when it topped $126,000. Its market capitalization then exceeded that of silver. However, the next two and a half months have been brutal and the price now sits below $90,000. Its annual performance is in the red at just over 6%.
According to data from the Kobeissi Letter, these contrasting price developments between the two asset classes have recently led to a radical change in their correlation. The BTC/silver and BTC/gold ratios have fallen to their lowest levels in several years.
Bitcoin versus gold and silver:
The Bitcoin/silver ratio has now fallen to 1,104, the lowest since September 2023.
Since May, the ratio has fallen -67%, as silver has significantly outperformed Bitcoin.
At the same time, the Bitcoin/gold ratio fell to 19, the lowest… pic.twitter.com/1oAvo7QyQt
– Kobeissi Letter (@KobeissiLetter) December 27, 2025
You might also like:
Can BTC catch up in 2026?
Given how this year has ended, many cryptocurrency analysts have looked to previous cycles to try to determine what’s next for the leading digital asset. And many hope that history will repeat itself. KALEO believes that gold has led the charge, followed by silver, and that BTC will inevitably join the trend.
Crypto Tony was more specific, stating that if BTC wanted to emulate the recent silver price performance, it would surpass $400,000 next year. Crypto Rover harkened back to the 2020 cycle, when Bitcoin saw a big rally after gold topped out, suggesting the cryptocurrency could be poised for a similar rally.
IN 2020, BITCOIN ENTERED ONE OF ITS BIGGEST RALLS EVER AFTER THE GOLD CYCLE SURPASSED. pic.twitter.com/9RGSYpkHH6
– Crypto Rover (@cryptorover) December 28, 2025
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to sign up and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
