Gold has recently reached a record high, driven by positive market reactions after the U.S. Federal Reserve cut interest rates and rising global tensions. Many experts believe Bitcoin could follow this upward trend.
With Bitcoin up 47% this year and gold rising by 27%, excitement is building in the crypto world. Prominent crypto expert Michael van de Poppe predicts Bitcoin could hit between $90,000 and $100,000 by year’s end. Investors are eager to see how high it can go!
Gold has achieved a significant milestone, climbing 27% year-to-date (YTD), while silver has reached its highest price in over a decade. This increase follows the recent interest rate cut by the U.S. Federal Reserve, making precious metals more attractive to investors.
According to GoldPrice.org, gold’s price reached an astonishing $2,679 per ounce after gaining more than 1% recently. This rise is largely fueled by a weakening U.S. dollar and increasing global tensions. As economic uncertainty looms, many investors are turning to gold as a safe haven.
The falling US Dollar Index (DXY) makes gold even more appealing, especially for foreign buyers.
Alongside gold’s rise, Bitcoin—often called “digital gold”—has also seen a notable rally. Following the Fed’s rate decision, Bitcoin surged by 6%, and it rose 7% in September, a month that is usually challenging for the cryptocurrency.
In comparison to gold and silver, Bitcoin has significantly outperformed, boasting a 47% increase YTD. With gold reaching its peak, Bitcoin is now targeting its all-time high of $73,962.
Van de Poppe anticipates that Bitcoin could trade between $90,000 and $100,000 by the end of 2024 if the upward trend continues.
Van de Poppe also mentioned that while Bitcoin and traditional commodities have seen significant gains, altcoins are just beginning their upward journey.
Several altcoins, including NEAR, FET, SUI, APT, and TAO, have experienced impressive rises of 25% to 82% in just a week. This trend suggests that the broader cryptocurrency market may be on the brink of substantial growth in the coming months.
Is the gold rush over, or is there more to come? Tell us what you think.
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