The international gold price exceeded $2,000 for the first time, and the Bitcoin price rose by 3% in a single day

Bitcoin is once again playing the role of a macro asset , attracting investors' attention amid a record rally in gold and a broad sell-off in the dollar.

At the time of writing, the cryptocurrency was trading at $11,624.63, up 3% on the day, according to CoinDesk’s Bitcoin Price Index . Gold was trading at a record high of $2,040 an ounce, having breached $2,000 on Tuesday.

Macro analyst Holger Zschaepitz noted that investors have flocked to gold due to falling inflation-adjusted bond yields and a weaker dollar. The U.S. 10-year bond currently yields -1% after adjusting for inflation.

The U.S. dollar index, which tracks the greenback against major currencies, recently hit a 26-month low of 92.55, according to data site TradingView.
Gold and bitcoin exchange-traded funds have seen strong inflows over the past five months, according to JPMorgan Chase & Co., as demand for an “alternative” currency continues to grow .

Bitcoin and gold have been rising together recently, while the U.S. dollar has fallen across the board. In the 11 days ending July 28, as gold rose from $1,800 to $1,980, Bitcoin jumped from $9,100 to $12,100, and the dollar also suffered against other fiat currencies. Some analysts firmly believe that Bitcoin is now more of a macro asset, meaning it can respond to large-scale events in the world economy.

Gold and Bitcoin are likely to continue to rise as governments and central banks are unlikely to slow or stop the liquidity printing programs they have initiated in response to the coronavirus-induced recession.

Bitcoin could see bigger gains in the future as it looks relatively cheap, with prices still down 43% from its all-time high of $20,000 set in December 2017.

The cryptocurrency has gained nearly 60% so far this year, while gold has risen 34%.