Bitcoin experienced a resurgence on Wednesday, rebounding to nearly $124,000 after dipping to $120,000 the previous day. The cryptocurrency was recently valued at around $123,500, marking a 1.5% increase over the last 24 hours.
Other cryptocurrencies mirrored Bitcoin’s upward trend but did not reach their earlier weekly highs. Ethereum rose to approximately $4,511.08 while Ripple’s XRP reached about $2.9023. Solana climbed to around $228.20 and DOGE moved up to roughly $0.2582 with AVAX hitting near $29.03—each showing gains between 1%–&; & &; ;3%. The CoinDesk 20 Index—which tracks major digital assets—saw an increase of 2%.
In the realm of crypto-related stocks, a number of BTC miners connected with high-performance computing infrastructure saw significant gains once more.
Cipher Mining (CIFR) and Bitfarms (BITF) surged by about 11–1%–%–%12%, while CleanSpark (CLSK) and Hut 8 (HUT)—saw increases close-to-6%. These positive movements reflect optimism that demand for computing power driven by artificial intelligence will benefit crypto mining operations.
The minutes from September’s Federal Reserve meeting revealed most officials still expect interest rate reductions later this year.
However, some policymakers argued against such cuts in September due-to-concerns-over-inflation-risks.
Gold Continues Dominance in Debasement Trade
Despite recent rebounds within cryptocurrency markets, the “debasement trade” remains led-by-gold as it surpasses $4k-mark &-up-50%-this-year.
The surge is attributed-to-growing-government-deficits,-volatile-bond-markets-&-expectations-for-looser-monetary-policy.-Japanese-yields-reached-their-highest-levels-in-17-years-this-week,-fueling-global-investor-anxiety-and-driving-capital-toward-gold-as-a-safe-haven-at-the-expense-of-risk-assets-like-crypto.
Charlie Morris,-chief-investment-officer-at-ByteTree-noted-that-gold’s-rally-is-not-speculative-driven.
“The-market-is-hot-but-it’s-not-red-hot,” he-stated.-“If-deficits-money-printing-instability-and-rate-cuts-drive-up-gold-prices-these-factors-may-have-to-change-before-we-turn-bearish.”
He-added-“Gold-will-eventually-reach-an-intermediate-peak-but-it’s-best-not-to-predict-exactly-when-and-wait-for-evidence.”
Morris-suggested-that-Bitcoin-could-become-the-next-popular-choice-once-interest-in-gold-diminishes-pointing-out-how-Bitcoin-historically-benefits-from-second-wave-risk-shifts-driven-by-macro-economic-factors.
“When-interest-in-gold-starts-declining-there-is-a-good-chance-Bitcoin-will-resume-growth,” Morris-commented.
Matthew Sigel-head-of-digital-assets-research-at-VanEck-emphasized-his-long-term-projection-that-Bitcoin-could-eventually-achieve-half-of-Golden-market-size
This-scenario-he-elaborated-upon-via-Tuesday-X-post-depend-on-younger-generations-viewing-bitcoins-as-more-desirable-store-value-than-traditional-metal-counterpart
Given-current-trends-Sigel-estimated-price-per-unit-reaching-$644K-based-on-comparison-with-present-day-valuations-across-two-sectors.