There seems to be not enough money in the markets these days for simultaneously -moving in gold and its digital counterpart .
In fact, gold has seen what new record highs are on the day -to -day basis for the past few weeks. Meanwhile, Bitcoin, despite living in a world with the same bullish catalysts -avoiding financial policy, ETF flow, increasing corporate adoption -will not come out in its own way.
The action suggests Bitcoin may not switch to a new long -flourd until the cool of yellow metal investors.
In fact, Gold Wednesday is having a rare day in red – down 1.5% to $ 3,759 per ounce – maybe “allowed” bitcoin to have what seems to be an equally rare positive session, up to 1.7% to $ 113,7000.
Longer chart tells a different story
While gold and bitcoin may seem to be moving in the opposite direction at this stage of the spin, the logic seems to dictate that both possessions – given their appeal as fences against excessive expenditure and government inflation – should be at least type track for a longer time.
That will appear to be the case. The year-to-date gold gets 42% easily exceeding 22% of Bitcoin, but at least showing the same move in both directions. Back in the start of 2024, gold was higher than 82% against the 155% Bitcoin growth.
And from the start of 2023, gold has more than double, while Bitcoin is more than six folds (though measured from the nearly winter of crypto of 2022).
