Crypto Market Stagnates as Gold Hits Record Highs
- Gold surged by 2% to a record high of $4,475 per ounce.
- Bitcoin is trading around $89,127 after peaking above $90,000 earlier.
- Ethereum (ETH) is at $3,030.21, while Solana (SOL) and XRP are also up but have pulled back from earlier highs.
- AI-focused bitcoin miners saw significant gains, with Hut 8 (HUT) up by 17.5% following Alphabet’s acquisition of AI start-up Intersect for $4.75 billion.
- Analysts suggest that bitcoin may not see significant movement until the current bull market in precious metals pauses.
The cryptocurrency market remains muted as gold continues its upward trajectory, impacting investor sentiment towards Bitcoin and other digital assets. With precious metals rallying, analysts indicate that bitcoin could struggle to gain momentum in the near term.
As gold reaches new heights, bitcoin’s recent performance shows it trading lower than its peak of over $90,000 earlier today.(Source)
