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Gold Proves Stronger Than Bitcoin, Reaches New All-Time High
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The price of gold reached a new all-time high, surpassing the $2,582 per ounce mark amid global economic uncertainty, standing out as investors’ preferred asset in times of crisis.
Meanwhile, Bitcoin (BTC) and other cryptocurrencies are suffering from instability, recording significant declines. The preference for gold, a traditional safe-haven asset, is evidence that investors are seeking more stable alternatives, to the detriment of higher-risk assets such as Bitcoin.
According to on-chain data provider CryptoQuant, the cryptocurrency market entered a bearish phase in late August.
The company’s report notes that as Bitcoin faced a sharp decline, the price of gold continued to climb. This increase occurred due to geopolitical tensions, including the possibility of armed conflict between Iran and Israel, as well as new developments in the war between Russia and Ukraine.
Gold is ‘better’ than Bitcoin
In times of uncertainty, gold consolidates itself as a safe choice, offering stability even with more modest returns.
The correlation between Bitcoin and gold has fallen to one of its lowest levels in the past year. This means that while BTC continues its downward trajectory, gold has been moving in the opposite direction.
“This indicates a risk-averse environment where investors prefer traditional safe-haven assets like gold over speculative assets like Bitcoin,” the CryptoQuant report explains.
With major US stock indexes such as the Nasdaq 100, S&P 500 and Dow Jones falling, investors are becoming increasingly cautious. Since July, these indexes have been experiencing declines, which has negatively affected the price of Bitcoin. In this scenario, many have preferred to migrate their investments to gold, considered a safe haven amid BTC’s volatility.
The report also highlights that between September 10 and 16, Bitcoin fell by around 16%. Meanwhile, gold reached a new all-time high. In addition, whales – large investors in the crypto market – have shown less interest in assets like Bitcoin, further increasing the selling pressure on the cryptocurrency.
With this, BTC’s value is approximately 20% below its most recent peak. Gold, on the other hand, continues its upward trajectory.
Gold Proves Stronger Than Bitcoin, Reaches New All-Time High
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Gold Proves Stronger Than Bitcoin, Reaches New All-Time High
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Gold Proves Stronger Than Bitcoin, Reaches New All-Time High
