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Home » Bitcoin’s Race: Can It Keep Pace with Gold and Silver?

Bitcoin’s Race: Can It Keep Pace with Gold and Silver?

Hania by Hania
May 20, 2024
in General News
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Bitcoin and Gold: Smart Investments Amid Political and Economic Shifts
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As gold and silver soar to record levels amidst geopolitical tensions and market uncertainty, attention turns to Bitcoin as a potential contender in the commodities rally.

Gold’s Meteoric Rise Driven by Global Factors

Gold prices surged to unprecedented levels, hitting $2,450 per ounce on Monday. This surge is fueled by geopolitical tensions, anticipation of a dovish Federal Reserve stance, and sustained demand from central banks.

Silver’s Bullish Momentum and Future Outlook

Silver broke through an 11-year high, surpassing $30 per ounce, buoyed by its safe-haven status, weakening US dollar, and increasing industrial demand. Analysts project further gains, with potential resistance at the $35 mark.

There’s a strong rally in the commodities market with precious metals like Gold and Silver hitting new record highs recently. Gold is grabbing all the limelight in the global financial market, hitting a new all-time high against the USD. As a result, market analysts are keeping a close watch on Digital Gold aka Bitcoin.

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Earlier today on Monday, the Gold price rallied to $2,450 per ounce fueled by the ongoing geopolitical developments in Iran and the likelihood of a dovish move by the Fed on interest rates. Another factor driving gold prices is the sustained demand from central banks, contributing to a 30% increase in gold prices this year.

Silver (SILVER) remained in the spotlight on Monday as it surged to an 11-year peak surpassing the significant psychological threshold of $30. This rise is attributed to its safe-haven properties, the weakening U.S. dollar, and its industrial utility.

Investors are driving up silver prices, along with other precious metals, seeking assets to hedge against ongoing geopolitical uncertainties.

Looking ahead, silver stands to gain from increasing industrial demand. The Silver Institute’s World Silver Survey report projected a 9% rise in industrial demand this year, fueled by the growing use of silver in renewable energy applications.

In the longer term, investors should monitor a potential move towards the $35 mark. This area may pose resistance due to a key multi-year horizontal line from notable swing highs in 2011 and 2012. A decisive breakout above this level could lead to a retest of the record high at $47.71 set in April 2011.

Bitcoin's Race: Can It Keep Pace with Gold and Silver?

Bitcoin’s Potential to Bridge the Gap

Amidst the commodities surge, Bitcoin lags, still far from Silver’s $1.8 trillion valuation. Analysts speculate on Bitcoin’s potential, citing historical doubling trends post-new highs and predicting a potential uptrend towards the end of the second quarter.

Also Read: Decide On The Best Amongst Gold, Silver And Bitcoin: Robert Kiyosaki Speaks

Galaxy Digital founder and CEO Mike Novogratz predicts that Bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 over the next month, with the potential for an increase towards the end of the second quarter.

Traditional markets are hitting new all-time highs, and gold and silver are performing exceptionally well. It’s evident that securing inflation protection has become crucial.

Bitcoin has emerged as a key player. Arguments about its legitimacy are no longer valid, as it is now fully regulated and tradable on Wall Street, says the analyst.

Serious Question: Why is retail not seeing #Bitcoin now?

Traditional markets are trading at new all-time highs. Gold and silver are performing very well. It should be clear to everyone by now that they need some inflation protection ASAP. Traditional markets, gold, and silver… pic.twitter.com/M6Z20p5vOL

— sunnydecree (@sunnydecree) May 19, 2024

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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