Apparently, there is not enough money on the markets these days for movements of simultaneous gold bulls and its digital counterpart .
To find out, Gold has seen what seems to be records of new records in recent weeks. Bitcoin, for its part, despite a world with the same bullish catalysts – soften monetary policy, FNB entries, the increase in the adoption of companies – was not able to get out of its own path.
The action suggests that Bitcoin may not be able to move on to a new sustained recovery until investors cool on the yellow metal.
Indeed, gold Wednesday has a rare day in the red – down 1.5% to $ 3,759 per ounce – perhaps “allowing” Bitcoin to have what seems to be an equally rare positive session, up 1.7% to $ 113,7000.
The longer term graphic tells a different story
While gold and bitcoin can seem to move to opposite directions at this stage of the cycle, logic seems to dictate that the two assets – given their call as hedges against excessive public spending and inflation – should at least follow a sort of follow -up over longer periods.
This seems to be the case. The gold of the year at the start of the year won 42% by easily moving the 22% bitcoin, but at least showing the two moving in the same direction. To return to the beginning of 2024, gold is higher by 82% against the 155% Bitcoin.
And since the beginning of 2023, gold has more than doubled, while Bitcoin is more than six times (although this is measured from the bottom of the crypto winter of 2022).
