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Gold has just hit a record high, fueled by positive market reactions after the U.S. Federal Reserve cut interest rates and rising global tensions. Many experts think Bitcoin could follow this 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 Hits a Record-High
Gold has just hit a record high, climbing 27% year-to-date (YTD), while silver has reached its highest price in over ten years. This surge follows a 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.
Bitcoin Surges by 47%
Meanwhile, Bitcoin, often referred to as “digital gold,” has also experienced a significant rally. It rose by 6% after the Fed’s rate decision and by 7% in September, which is usually a tough month for Bitcoin.
Bitcoin, in comparison, has outpaced both (Gold and Silver), with a 47% increase YTD. With gold reaching its peak, Bitcoin is now aiming for its all-time high of $73,962.
Van de Poppe predicts that Bitcoin could trade between $90,000 and $100,000 by the end of 2024 if the upward trend continues.
Altcoins Yet to Surge
Van de Poppe also pointed out that while Bitcoin and traditional commodities have already experienced significant gains, altcoins are just getting started.
Meanwhile, several altcoins, including NEAR, FET, SUI, APT, and TAO, have seen 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.