Yes, they should be compare in terms of marketcap,
So far BTC = currently at $2 trillion, while Gold is around $18 trillion++. So there is still a huge difference in terms of the price. Nevertheless, BTC might surpassed Gold in the next 2 halving if we will see around $1m=BTC.
And now that we have seen the price reaching $100k, we can only speculate that we can reach $1m as well.
But we need to keep in mind that we are talking about trillions of dollars and that is not a small number. It's not as easy as bitcoin's market cap going from $1 billion to $100 billion even if bitcoin increases 100x in price but we only need $99 billion to do that. Meanwhile, for bitcoin to reach $1 million, we would need to spend more than $16 trillion, 160 times more than the amount needed to take bitcoin's market capitalization from $1 billion to $100 billion.
Not to mention, gold's capitalization will not stop, gold's capitalization will continue to increase due to demand and the amount of gold mined each year. Every year, the world mines tons of gold, but that does not reduce the price of gold but on the contrary helps increase the capitalization value of gold. So I suspect that bitcoin's market capitalization will likely surpass gold's in the next decade.