10-Year Treasury Yield vs. Gold and Bitcoin Market Cap, 1953–2026
Topic: Money & Markets
In this chart: 10-year Treasury yield, Gold market cap, Bitcoin market cap
About this chart
The line is the 10-year US Treasury yield, drawn month by month. The sphere at its tip is gold's market capitalization that month, and the smaller sphere inside it is bitcoin's market capitalization. Both are scaled by area on one scale, so a sphere with twice the area is twice the value, and the inner sphere's share of the outer one's area is its share of the value. The animation runs the record over forty-one seconds, holds on the latest month for three seconds, and loops. The scrubber under the chart marks the years and pauses on any month, and the sphere scaling and the speed can be changed in the controls.
Method
Yield is the monthly average of the 10-year constant-maturity Treasury yield (FRED series GS10), from the series' start in April 1953. Gold market cap is the month's average London price per troy ounce (World Bank Commodity Price Data from 1960; the official US price of $35 before that) multiplied by an estimate of all the gold ever mined: the World Gold Council's mid-2026 figure of 222,600 tonnes, carried back and forward by annual world mine production from the USGS. Bitcoin market cap is month-end price multiplied by coins mined to that date, as on the other bitcoin pieces; bitcoin begins in January 2009. Three notes mark moments found in the data: the yield's highest month (September 1981), its lowest (July 2020), and the month bitcoin's market cap was the largest share of gold's (January 2025). The series ends at the latest complete month.
Data sources
- FRED GS10 — 10-Year Treasury Constant Maturity Rate
- World Bank Commodity Price Data (gold, monthly)
- World Gold Council — above-ground stock
- USGS — gold, world mine production by year
- Coin Metrics community data (bitcoin price, supply)
Updated August 2026
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