Apparently there is not enough money in markets these days for contemporary bull movements in gold and its digital counterpart .
For knowledge, gold has seen what looks like new record height on a daily basis for the past few weeks. Bitcoin, despite having lived in a world with the same bullish catalysts – facilitating monetary policy, ETF flow, rising business admission – has not been able to get out of its own way.
The action suggests that Bitcoin may not be able to move into a new sustained recovery before investors are cooled on the yellow metal.
In fact, Gold on Wednesday has a rare day in the red – down 1.5% to $ 3,759 per day. Ounce – maybe “allow” Bitcoin to have what looks like an equally rare positive session, an increase of 1.7% to $ 113.7000.
Longer Caps Card tells another story
While gold and Bitcoin may appear to move in opposite directions in this phase of the cycle, logic seems to dictate that both assets – given their appeal as coverings against excessive government spending and inflation – should at least be kinds of traces over long periods.
That seems to be the case. The annual gold has had 42% easily surpassed Bitcoin’s 22%, but at least both show to move in the same direction. When you go back to the beginning of 2024, gold is higher with 82% against Bitcoin’s 155% advance.
And since the beginning of 2023, gold has more than doubled, while Bitcoin is up more than six times (though measured from almost the bottom of 2022’s Crypto Winter).
