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
A certain whale closed a 5.6 million USD crude oil short position and flipped to long, with total long positions across three major markets reaching 63 million USD.
On March 19th, influenced by rising crude oil and pullbacks in US stocks and crypto markets, address 0x8af closed out a $5.6 million crude oil short position and reversed to open a long position, shifting to a bullish stance with total positions reaching $63 million. Overall floating profits decreased by approximately $1.5 million. Main holdings include long positions in XYZ100, BTC, and WTI crude oil.
GateNews11m ago
Next Pepe Coin: Why Pepeto Is the Project Investors Are Rushing Into, as Riot Sells $200M Bitcoin for AI and the Market Shifts Fast
Riot Platforms just sold $200 million worth of Bitcoin to fund a pivot into AI data centers. This strategic move shows how the largest players in the market are rotating capital into the intelligence economy. When major mining companies sell Bitcoin to chase AI, it proves that the smartest
CaptainAltcoin33m ago
