On Friday, the price of Bitcoin hit another all-time high, this time against gold, providing further confirmation that demand for digital assets is on the rise.

As Bitcoin (BTC) topped $ 29,000 on Friday, the digital currency peaked at 15.40 ounces of gold, surpassing the previous high in December 2017, according to data from MarketWatch.

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Bitcoin valued in gold bars via MarketWatch

According to U.Today, the Bitcoin-gold rate peaked at 15.62 ounces early in the morning.

2020 has been a pivotal year for Bitcoin, as institutional adoption has helped catalyze a bull market unlike anything we’ve seen in its 11-year history so far. The largest cryptocurrency by market cap, Bitcoin has seen a massive increase of around 300% in 2020.

Gold also posted impressive gains for the year, although they paled compared to Bitcoin’s meteoric rise. The spot price of the yellow metal ended the year with a gain of 25%.

The biggest proponents of Bitcoin believe the digital currency is eating away at the market capitalization of gold, with investors opting for the asset’s efficiency, portability, and scarcity. Surprisingly, this view is also shared by analysts at JPMorgan Chase, who believe that Bitcoin’s digital gold narrative is pulling capital away from precious metals.

Some believe that Bitcoin’s supply squeeze could push prices higher during 2021. As Cointelegraph recently reported, digital asset manager Grayscale bought nearly three times the BTC mined in December. Demand for PayPal, Cash App and others has also contributed to an apparent shortage of BTC.