Apparently there isn’t enough money in the market these days for the simultaneous bull movement of gold and its digital counterparts. BTC$113,651.27.
Witty, Gold has witnessed what appears to be the best new record every day for the past few weeks. Meanwhile, Bitcoin lived in a world with the same bullish catalyst, but monetary policy, ETF influx and increased corporate adoption — could not escape its own way.
The action suggests that Bitcoin may not be able to move to a new sustained rise until investors cool the yellow metal.
In fact, Friday Wednesdays have a rare day in Red – $3,759 down 1.5% per ounce – perhaps “allowing” what Bitcoin to “up 1.7% to 113,7000”.
The long-term chart tells a different story
While gold and bitcoin may seem to move in opposite directions at this stage of the cycle, the logic seems to dictate that both assets should have at least one kind of track, given their appeal as an over-government spending and hedge against inflation.
And that seems to be true. Gold from the start of the year has easily surpassed Bitcoin’s 22%, but at least shows it is moving in the same direction. Back at the beginning of 2024, gold is only 82% higher than Bitcoin’s 155% advance.
Since its launch in 2023, gold has more than doubled, and Bitcoin has increased by more than six times (although it is measured from the bottom of the winter of 2022).
