Bitcoin Surges Past $41K as Gold Price Also Hits New ATH
For many crypto enthusiasts and market participants, all indications point to the fact that Bitcoin could hit over $60,000 by April 2024.
The news can be a sign that Bitcoin is becoming more mainstream and investors get more interested to invest in the cryptocurrency.
For many crypto enthusiasts and market participants, all indications point to the fact that Bitcoin could hit over $60,000 by April 2024.
Gold’s market capitalization is $10 trillion which makes it the largest asset in the world.
Bitcoin has finally managed to break the $40,000 barrier. In the last seven days, it has lost as much as 5.85%. In the last month, it has dipped by 17.2%.
Gold hit its worst single-day decline as its price fell more than 5% but Treasury yields increased. Analysts have tied this movement to the progress in the development of COVID-19 vaccines.
Gold price has so far reached its all-time high after crossing $2,000 level easily. Despite the fast rally, analysts anticipate silver price to outperform it.
As Goldman Sachs analysts have explained, one of the main factors to foster gold price’s further rise is concern over the US dollar’s global standing as a reserve currency.
Gold is benefiting from the present uncertainty. But it is unclear whether gold prices will grow further and set new record highs. Bulls’ next target is $2,000.
The compounding economic uncertainty due to the rising COVID-19 cases and the growing tensions between the U.S. and China have caused the gold price to soar higher taking them at their record-high levels of 2011.
This year the gold price is 18.38% up. Analysts are predicting further growth. At the moment of writing, it is trading $1,810.40 per ounce.
Gold is currently experiencing a new price high since 2011. This increase is fueled on grounds of possible measures to help curtail the new rising cases COVID-19.