Bitcoin has experienced a slight decline, while the S&P 500, Nasdaq, and precious metals have all hit new record highs recently. This development isn’t surprising, according to an analyst speaking with Decrypt.
Currently, Bitcoin is valued at $121,336 after a 0.9% decrease over the past day. Nevertheless, it remains 1.5% higher than last week and has risen by 7.6% compared to last month’s figures as reported by CoinGecko.
Despite this minor setback, Bitcoin is still trading within 3.8% of its recent peak above $125,000 reached over the weekend.
In contrast during this period the S&P 500 and Nasdaq 100 achieved both intraday and closing record highs yesterday while gold soared beyond $4,000 for the first time ever, with silver exceeding $51 per ounce according to TradingEconomics.
“Bitcoin continues to show weakness in comparison to indices like S&;P, &; Nasdaq, &; and precious metals such as gold and silver. “, stated Maartunn – a pseudonymous CryptoQuant analyst – when talking with Decrypt. "I don’t anticipate today’s Powell speech will alter that trend,” he added.”For two months now Bitcoin has consistently lagged behind these assets.”
The prediction market platform Myriad owned by DASTAN parent company of </>Decrypt, shows users believe there’s little chance for Bitcoin outperforming gold come year-end: currently about sixty-eight percent think otherwise favoring precious metal dominance instead against world largest cryptocurrency throughout twenty-twenty-five.
This year alone saw BTC rise twenty-nine percent starting from approximately ninety-four thousand dollars up until present levels but meanwhile since January began Gold prices started around two-thousand-six-hundred-forty-two per ounce reaching four-thousand-forty on Thursday morning marking fifty-three percentage increase altogether!
Mention was made regarding Federal Reserve Chair Jerome Powell’s opening remarks delivered at Community Bank Conference held Washington D.C earlier today where typically investors scrutinize his speeches looking clues how FOMC views monetary policy decisions however pre-recorded video lasted less than minute without addressing current economic conditions leaving traders uncertain about committee voting intentions next meeting end month following which saw bitcoin drop one-point-three percent falling below hundred-twenty-two thousand dollar mark shortly thereafter.
Maartunn suggested those hoping see BTC surpass stocks or other commodities may need wait longer yet adding “I’d prefer observing sustained shifts several days before declaring existing trends broken.”