How Does Bitcoin Compare to Gold and Silver Amid Precious Metal Craze?

Almost all financial assets have had a year to remember and are about to close it well in the green. This is particularly true for the two most prominent precious metals, as both have seen their best year to date.

At the same time, the largest cryptocurrency is on its way to end 2025 with a modest loss, despite its surge to a new all-time high just a few months ago. So, how do these different asset classes compare now?

Bitcoin Trails Silver and Gold

Gold has been on the run for almost the entire year. It entered it at around $2,610/oz, but skyrocketed to a fresh all-time high of $4,550 erlier this week, representing a YTD surge of 75% – quite impressive for the world’s largest asset, which is known for sluggish but consistent price moves.

Silver, on the other hand, had a more modest first half of the year. It was also in the green, but in a less spectacular manner. It entered 2025 at $29 and traded at $39 by late August. Then, it picked up pace, reaching around $50 by late November when investors went wild for it and pushed it to almost $80 by Friday’s close, shattering all previous records. This means a triple-digit rise of 172%.

At the same time, BTC was quite volatile. It was already riding high in early 2025 and broke its ATHs on several occasions. The last one was in October when it surged past $126,000. Its market cap flew past silver’s at the time. However, the following two and a half months have been brutal, and it now struggles below $90,000. Its yearly performance is in the red at just over 6%.

According to data from the Kobeissi Letter, this contrasting price performance between the two asset classes as of late has led to a dramatic shift in their correlation. The BTC-to-silver and BTC-to-gold ratios have dropped to multi-year lows.

Bitcoin versus gold and silver:

The Bitcoin-to-silver ratio is now down to 1,104, the lowest since September 2023.

Since May, the ratio has dropped -67% as silver has significantly outperformed Bitcoin.

At the same time, the Bitcoin-to-gold ratio is down to 19, the lowest… https://t.co/pd0RZP1s1H pic.twitter.com/1oAvo7QyQt

— The Kobeissi Letter (@KobeissiLetter) December 27, 2025

Can BTC Catch Up in 2026?

Given the way this year is ending, many crypto analysts have turned to previous cycles to try to figure out what’s next for the leading digital asset. And, many are hopeful that history will repeat itself. KALEO believes gold led the charge, followed by silver, and BTC will inevitably join the trend.

Crypto Tony was more specific, indicating that if BTC is to mimic silver’s recent price performance, it would top $400,000 next year. Crypto Rover went back to the 2020 cycle when bitcoin went on a roll after gold topped, suggesting that the cryptocurrency might be on the verge of a similar surge.

IN 2020, BITCOIN ENTERED ONE OF ITS BIGGEST RALLIES EVER AFTER THE GOLD CYCLE TOPPED. pic.twitter.com/9RGSYpkHH6

— Crypto Rover (@cryptorover) December 28, 2025