On Friday, gold reached a record $3,004 per ounce, driven by rising global tensions, inflation concerns, and increased demand for safe investments. Meanwhile, Bitcoin shows a reverse trend.
Gold's Record High
Gold has set a new all-time high, surpassing $3,000 for the first time this year. This price surge is fueled by global economic influences and increased demand for safe-haven assets.
Bitcoin's Significant Drop
While gold shows an upward trend, Bitcoin has seen a significant drop due to macroeconomic pressures. It is currently trading 23.3% below its all-time high, with a 14.5% decrease over the past month. At the time of writing, Bitcoin is trading at $83,446, up 1% in the past 24 hours.
Analysts’ Expectations
Despite Bitcoin's recent drop, analysts remain hopeful about its long-term potential. They compare the launch of the Gold ETF in 2004 with the anticipated launch of the Bitcoin ETF in 2024. Bitcoin is expected to follow a similar growth pattern. Other analysts point out both assets follow a parabolic model and predict a potential surge to $150,000.
Current economic conditions present unique circumstances for gold and Bitcoin. While gold reaches new heights, Bitcoin is experiencing pressure. The upcoming Bitcoin ETF launch is expected to be a significant growth factor in the future.
