The correlation between the market shares of gold and Bitcoin is reflected in several aspects: First, gold, as the gold standard of dollar assets, is a traditional safe-haven asset; while Bitcoin, as the monetary standard of crypto assets, is a safe-haven asset in the cryptocurrency space, and the logic behind both is consistent.

Since May 2021, the trends of gold and Bitcoin's market share (BTC.D) have been almost synchronous; when gold declines, Bitcoin's market share also falls, while altcoins rise accordingly. Currently, gold shows signs of a weekly-level peak, which may lead to more capital shifting towards risk assets, thereby further embracing altcoins.