Both metals have become the favorite assets for investors in recent times.
Virtually all financial assets have had a year and are about to end it well in the green. This is especially true for the two most prominent precious metals, as both have had their best years yet.
At the same time, the largest cryptocurrency is on track to end 2025 with a modest loss despite surging to a new all-time high just a few months ago. How do these different asset classes compare to each other?
Bitcoin follows silver and gold
Gold has been on the run for almost the entire year. It debuted at around $2,610/oz, but shot up to a new all-time high of $4,550 this week, representing a 75% YTD increase – quite impressive for the world’s largest asset, which is known for its slow but consistent price movements.
Silver, on the other hand, had a more modest first half year. It was also in green, but in a less spectacular way. It entered 2025 at $29 and was trading at $39 in late August. Then the pace picked up, reaching around $50 in late November, when investors went all out and pushed it to nearly $80 by late Friday, shattering all previous records. This represents a triple-digit increase of 172%.
At the same time, BTC was quite volatile. By early 2025, it was already high and broke its ATHs several times. The last was in October, when the price rose past $126,000. The market capitalization at the time flew past that of silver. However, the next two and a half months were brutal and it is now struggling below $90,000. The annual performance is in the red by just over 6%.
According to data from the Kobeissi Letter, this contrasting price trend between the two asset classes has led to a dramatic shift in their correlation recently. The BTC-silver and BTC-gold ratios have fallen to multi-year lows.
Bitcoin vs Gold and Silver:
The Bitcoin to 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 has fallen to 19, the lowest… https://t.co/pd0RZP1s1H pic.twitter.com/1oAvo7QyQt
— The Kobeissi Letter (@KobeissiLetter) December 27, 2025
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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, indicates that if BTC is to mimic silver’s recent price trend, it would rise above $400,000 next year. Crypto Rover harkened back to the 2020 cycle, when Bitcoin soared after gold prices topped out, suggesting the cryptocurrency could be on the verge of a similar surge.
IN 2020, BITCOIN PARTICIPATES IN ONE OF ITS BIGGEST RALLIES EVER AFTER BEGINNING THE GOLD CYCLE. pic.twitter.com/9RGSYpkHH6
— Crypto Rover (@cryptorover) December 28, 2025
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