Gold is Killing It - But Bitcoin Has Gained More The Past Month
Traders are mostly buying bitcoin Wednesday, with the world’s oldest cryptocurrency going as high as $11,735 on spot exchanges such as Coinbase.
“I think we’ll hit $12,000 by Friday; there’s a lot of momentum in the market just now,” said Chris Thomas, head of digital assets for broker Swissquote. “Tuesday was a pause for breath, but we didn’t react negatively.”
While Bitcoin’s pace is picking up, gold, the original hedge against economic uncertainty, has been on an absolute tear. The yellow metal was up 1.1% and at $2,041 as of press time, hitting a fresh intraday high at $2,056. However, while gold has rallied 14% over the past month, bitcoin has done twice as well, up 28% during that same period.
“I think we’ll hit $12,000 by Friday; there’s a lot of momentum in the market just now,” said Chris Thomas, head of digital assets for broker Swissquote. “Tuesday was a pause for breath, but we didn’t react negatively.”
While Bitcoin’s pace is picking up, gold, the original hedge against economic uncertainty, has been on an absolute tear. The yellow metal was up 1.1% and at $2,041 as of press time, hitting a fresh intraday high at $2,056. However, while gold has rallied 14% over the past month, bitcoin has done twice as well, up 28% during that same period.
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