Bitcoin has been surging since Sunday, closing its 3rd consecutive over 3% return day on Tuesday. This has been the 2nd time that returns increased each day over a 3-day period.

Yesterday, we climbed as high as $9,429 and are currently trading at $9,330 while $1.3 billion worth of Bitcoin has changed hands in the past 24 hours, as per Messari.

These gains have January looking good for the first time since 2014.

In 2011, January recorded the highest percentage of gains of 75% followed by 2013’s 51%. Now, the third-highest January returns are being seen in 2020 at 27.54%. Analyst Ceteris Paribus says,

Jan looking good for the first time in 6 years. https://t.co/0gPQ9ic8fx

— Ceteris Paribus IS RIGHT (@ceterispar1bus) January 28, 2020

In 2015, 2016, 2018, and 2019 these returns were negative while 2017 saw neither gains nor losses in the month of January.

And these gains in comparison to gild’s are what makes Bitcoin a store of value, according to Bitcoin bull and Fundstrat Research's Tom Lee.

Lee points out that in 2019, the world’s leading cryptocurrency was the best performing asset while the traditional safe-haven asset gold was up only 18.3%. This year as well, while the bullion is up a decent 3% only, Bitcoin in comparison has seen a spike of over 27%. Lee said,

“Bitcoin is best performing asset class YTD +26%… demand for “safe haven” is boosting Bitcoin and arguably, Bitcoin is seen as a better “safe haven” than gold.”

But Paribus doesn’t agree as he says, “outperforming in a risk on environment in 2019 and 28 days into 2020 does not mean investors see bitcoin as a better safe haven than gold.”

He further stated that Bitcoin still hashas a long way to go as it has a market cap of only $168 billion while gold has a market cap of $7 trillion, “Investors choose to store about $7T in gold and $0.17T in bitcoin.”

Mati Greenspan, founder of Quantum Economics also says there is a “lingering sensation” that Bitcoin is “transitioning into a traditional safe haven asset” after its price surged during the time when gold prices were also climbing while the stock market was plunging.

According to him, it's not quite there just yet, “but there are clear indications that it's at least moving in this direction.”

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