Certainly yes, to some extent. Cryptocurrencies were not present in previous cycles, and their current popularity may have additionally attracted attention, among others: on faith in central banks and fiat currencies.
High rates of return also attract attention... Bitcoin has already increased by 311% since the bottom in November 2022. This year alone it is already up by 58%. Moreover, it started growing about one month before gold - see Figure 1.
Of course, gold increased only by 13% - see Figure 2, where we have a comparison on one axis (gold vs top 5 cryptos).
However, the total dollar impact is distributed differently - when we consider the markets cap of gold and cryptos - Figure 3.
Figure 4 shows how much the market capitalization of gold and crypto has changed in 2024. Even though gold increased by only 13%, this means an increase in market capitalization by as much as $1.85 trillion - almost twice as much as in the case of cryptos.
Bonus chart - what the change in the market cap of "scary assets" looks like against the change in the total market value of the US federal debt is shown in Figure 5.
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