This week, silver saw a 5% gain and revisited a 3-month high. Gold set a new eight-year high, reaching over $1,750 per troy ounce. The boost in precious metals also bodes well for Bitcoin, which has been rising in tandem.
With both gold and silver each setting new local highs, will Bitcoin price finally take out $10,000?
Supply Struggle Drives Price of Silver and Gold to New Local Highs
A massive supply crunch on silver and gold has pushed precious metals to new local highs. Silver reached over $17 an ounce, up over 14% since the start of the month.
Gold started the week trading above $1,750 and is expected to reach prices as high as $3,000 over the next year, according to Rich Dad, Poor Dad author, Robert Kiyosaki. Bank of America points to $2,000 per troy ounce for the precious metal.
Others aren’t as convinced by the demand.
Related Reading | Gold Bug Peter Hug Warns Inflation Will Be Slow, Will This Delay Bitcoin’s Bull Run?
Precious metals gold and silver rising aren’t too surprising, as these assets have historically acted as a safe haven for capital during times of economic distress.
The scarce supply of these assets combined with stimulus money both inflating the dollar and being rerouted into investments could be responsible for the added momentum.
Can Bitcoin Outshine Precious Metals As a Safe Haven Asset?
Gold and silver rising in the face of economic crisis due to their limited supplies, bodes extremely well for Bitcoin. While gold and silver are indeed scarce, there’s no telling how much supply remains to be mined from the earth or elsewhere.
Bitcoin, however, is hard-capped to only ever allow 21 million BTC to exist. This extremely limited supply gives the asset similar attributes to precious metals. It’s earned the moniker digital gold as a result.
The same stimulus money, recipe for hyperinflation, combined with digital scarcity has created an environment in which Bitcoin can thrive.
Investors are taking note, and the asset has increasingly snagged the attention of institutional investors, and even the likes of legendary hedge fund manager Paul Tudor Jones.
Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over
Bitcoin‘s growth and interest are closely following gold and silver, further proving the asset’s potential value as a safe haven asset.
In the below chart, following the Black Thursday crash, each asset has made a strong climb since and shows similar price action and correlation.
Silver is pacing slightly behind gold and Bitcoin, with gold acting as the clear front runner. Gold is an asset that’s been trusted for centuries and in use for just as long. Cryptocurrencies are a brand new, untested asset class, yet are still showings strong promise alongside these two precious metals.
Is this Bitcoin‘s time to shine brighter than gold and silver? origin »
Selling pressure for Bitcoin has been reduced greatly after realizing daily profits as high as $10 billion as the asset approached $100,000 in December.
Bitcoin soared past $106,000 on Monday, marking a new all-time high in a rally that has continued to exceed investor expectations, and fueling speculation that the world’s leading cryptocurrency could soon reach the $120,000 mark.
Bitcoin reached an all-time high on Monday after institutional interest in the digital currency spiked as President-elect Donald Trump confirmed plans for Bitcoin reserve.
Bitcoin price has held steady in the past few months, and is holding near a record high as demand remains high. The coin was trading at $101,760, which is about 570% from its lowest point in 2022, making it the best-performing major asset.
Bitcoin price declined sharply from the $104,015 high and dipped below $95,000. BTC is now recovering losses and facing hurdles near $99,000. Bitcoin started a major decline after hitting a new all-time high at $104,015.
After a historic rally, Bitcoin has faced its first major setback, pulling back 7% from its all-time high of $99,800. This comes after an impressive surge from $67,500 on November 5, marking a nearly 50% climb in just a few weeks.
Bitcoin surged to a new all-time high of $91,831, breaking past its previous peak of $89,900, which had reached just a day earlier. The top digital asset is now trading at $91,800, with a 24-hour gain of 6.
Bitcoin (BTC) has performed remarkably over the past week, surging 30% since the November 5 US election. The flagship crypto surpassed its March all-time high (ATH), recording a new high nearly every day for the last seven days.
Since Bitcoin broke past its March high of $73,679, Bitcoiners have pulled $20.4 billion in realized profits, but Glassnode says “further gains” may lie ahead.
[Update: Title and price – within 45 minutes of publication, Bitcoin formed the 12th all-time high of the week, breaking $82,000] Bitcoin reached a new all-time high of $81,846 on Monday, extending its rally following Donald Trump’s victory in the US presidential election.
The Bitcoin price and the entire crypto market have been on a tear since the outcome of the United States elections was announced in the early hours of Wednesday, November 6. The premier cryptocurrency specifically has breached and printed new all-time high prices over the past few days.
Bitcoin and many other cryptocurrencies have been on significant price increases in the past few weeks. Bitcoin, in particular, has been inching close to its all-time high, and the recent break above $68,000 puts it only 8% away from setting a new price record.
Bitcoin surged to a high of $66,000 in the past 24 hours, breaking out of weeks of stagnation as the broader crypto market showed signs of recovery. October has historically been a strong month for investors, with gains as high as 60% and an average return of 22%.
Bitcoin’s open interest has reached a new all-time high of $19. 8 billion, signaling increased activity in the derivatives market, according to analyst EgyHash via CryptoQuant data. Funding rates have also hit their highest positive level since August, suggesting that the majority of these positions are long on Bitcoin.
The global Bitcoin ATM market has seen significant growth. There are now over 38,000 Bitcoin ATMs worldwide, up from just over 10,000 in October 2020 and down by 2,000 from its all-time high (ATH) of nearly 40,000 in December 2022.
Quick Take On March 14, Bitcoin reached its all-time high, followed by a significant drop to around $60,800. Data reveals that whales holding 1,000 or more Bitcoins offloaded approximately $8 billion worth of profits at the peak.
Supply held by wallets with 10 - 10k coins surged to a 20-month high.
An analyst noted higher chances of Bitcoin hitting $72.8k in the days ahead.
Investors started to increase Bitcoin [BTC]The post Bitcoin Halving countdown - Why this 20-month high is sign of things to come appeared first on AMBCrypto.
Popular crypto analyst Anthony Pompliano has shared insights into Bitcoin’s future, suggesting a continued bullish trajectory for the leading cryptocurrency even as Bitcoin flirts with its all-time high.
Despite pulling back to around $68,500, analysts are optimistic about a continuation of the Bitcoin bull cycle after it hit a new all-time high (ATH) of $70,083. 05 on March 9, fueled by increasing institutional interest and growing adoption.
Key takeaways Bitcoin reached a new all-time high price of $69,170 on Tuesday and altcoins could follow soon. AltSignals’ ASI token is up by 17% in the last 24 hours and could rally higher soon Bitcoin sets a new all-time high Bitcoin, the world’s leading cryptocurrency by market cap, has set a new all-time high […]
The post Bitcoin hits a new all-time high at $69,170: Will altcoins follow suit? appeared first on CoinJournal.
Quick Take A rapid surge in the capacity of Bitcoin’s Lightning Network is now nearing a year-to-date high of over 5,500 Bitcoin, coming close to its all-time high. This swift increase, observed predominantly over the past month, approximates around $180 million, representing the total BTC locked within this Layer 2 payment protocol.
Back in 2017, Bitcoin underwent a meteoric rise in value, from around US$700 to above US$18,000. Then in 2021, Bitcoin started its ascent to a new high of over US$62,000, a record high which was then broken one year later in 2022.
Bitcoin rose to highs above $26,800 on Thursday, before profit taking pushed kicked in to see it trade lower. An analyst says price below the 200-week MA represents buying opportunity. Meanwhile, address activity remains high, with 1.
Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase. BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
Bitcoin Cash (BCH) rallied to a 14-month high of over $320 after rising by 35% in the last 24 hours, according to CryptoSlate data. Since June 20, the digital asset has enjoyed renewed interest as it is one of the four cryptocurrencies available on EDX Markets—a crypto exchange backed by traditional financial giants like Fidelity, Schwab, […]
The post Bitcoin Cash soars to 14-month high of over $300 as hash rate spikes appeared first on CryptoSlate.
Bitcoin's supply dormancy, measure of how long Bitcoin remains idle in wallets, has hit all-time high, indicating that significant percentage of Bitcoin investors are adopting long-term investment strategy
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Bitcoin made a new high recently.
The The post Bitcoin makes a new high of $27K- Are shorting opportunities limited appeared first on AMBCrypto.
With Bitcoin surging to reach a new 2023 high, MX has been the top performer in exchange tokens, with a 7-day growth of 32%. Bitcoin’s price rising over $25,000 has sparked a frenzy of activity in the cryptocurrency market.
The past year has no doubt been tumultuous for the crypto sector. Since tapping an all-time high, Bitcoin has lost over 70% of its value, 64% of which was depleted in 2022 alone.
Bitcoin’s hashrate has hit a new all-time high of 331EH/s, according to data from Glassnode.
The post Bitcoin hashrate hits all-time high as Bitcoin holds above $20k appeared first on CryptoSlate.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.
