{"id":79022,"date":"2024-05-20T07:51:49","date_gmt":"2024-05-20T11:51:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79022"},"modified":"2024-05-20T07:53:14","modified_gmt":"2024-05-20T11:53:14","slug":"gold-and-silver-reach-new-record-highs-will-btc-follow","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gold-and-silver-reach-new-record-highs-will-btc-follow\/","title":{"rendered":"Gold and Silver Reach New Record Highs; Will BTC Follow?"},"content":{"rendered":"\n

Bitcoin may soon follow the broader commodity market upswing that is currently observed in gold and silver<\/a>, as spot Bitcoin ETFs now enable trading on Wall Street.<\/p>\n\n\n\n

\"Gold<\/figure>\n\n\n\n

The commodities market is experiencing a robust upswing, with precious metals such as silver and gold recently setting new all-time highs. <\/p>\n\n\n\n

Gold is the centre of attention in the international financial market as it reaches a record high against the US dollar. <\/p>\n\n\n\n

Consequently, market analysts closely monitor Digital Gold, also known as Bitcoin<\/a>.<\/p>\n\n\n\n

Gold rose to $2,450 per ounce earlier today, Monday, on the strength of ongoing geopolitical developments in Iran and the probability that the Federal Reserve will adopt a dovish stance on interest rates. <\/p>\n\n\n\n

Ongoing demand from central banks is an additional determinant propelling gold prices, which has resulted in a 30% surge in gold prices thus far this year.<\/p>\n\n\n\n

Silver Gives An 11-Year Breakout<\/h2>\n\n\n\n

Silver (SILVER)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> maintained its attention on Monday as it surpassed the psychologically significant $30 threshold and ascended to its highest level in eleven years.\u00a0<\/p>\n\n\n\n

This increase is due to its industrial utility, the weakening U.S. dollar, and its status as a safe-haven asset.<\/p>\n\n\n\n

As with other precious metals, silver prices increase as investors seek assets to mitigate against ongoing geopolitical uncertainties.<\/p>\n\n\n\n

Anticipated future growth in industrial demand is favourable for silver. <\/p>\n\n\n\n

The World Silver Survey report by the Silver Institute forecasts a 9% increase in industrial demand for silver this year, driven by the expanding use of silver in renewable energy applications.<\/p>\n\n\n\n

Long-term observers should look for a possible ascent towards the $35 threshold. <\/p>\n\n\n\n

Significant swing highs from 2011 and 2012 establish a key multi-year horizontal line that could present resistance in this region. <\/p>\n\n\n\n

A significant surge surpassing this threshold may result in a revisit of the record high established in April 2011 at $47.71.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Will Bitcoin (BTC) Catch Up soon?<\/h2>\n\n\n\n

In light of the recent surge in the price of silver, the commodity has experienced a more significant depreciation relative to Bitcoin. <\/p>\n\n\n\n

Bitcoin must still accumulate an additional $500 billion before it can attain the $1.8 trillion valuation of silver and rank as the eighth largest global commodity. <\/p>\n\n\n\n

For the exchange to take place, the price of Bitcoin must surpass $93,000, assuming silver maintains its stability until then.<\/p>\n\n\n\n

Previously, Bitcoin analyst Dylan LeClair noted that the cryptocurrency frequently doubles within a few months of reaching new highs, particularly near halving events.<\/p>\n\n\n\n

MVP Novogratz, founder and chief executive officer of Galaxy Digital, forecasts that Bitcoin will continue to fluctuate between $55,000 and $75,000 in the “consolidation phase” over the following month, with a possible increase by the end of the second quarter.<\/p>\n\n\n\n

Traditional markets are experiencing unprecedented success, while gold and silver exhibit remarkable price movements. <\/p>\n\n\n\n

The importance of ensuring inflation protection has become indisputable.<\/p>\n\n\n\n

Bitcoin has emerged as a crucial player. Arguments about its legitimacy are no longer valid, as it is now fully regulated and tradable on Wall Street, says analyst.\u00a0<\/p>\n\n\n\n

\n

Serious Question: Why is retail not seeing #Bitcoin<\/use><\/svg><\/span><\/a> now?

Traditional markets are trading at new all-time highs. Gold and silver are performing very well. It should be clear to everyone by now that they need some inflation protection ASAP. Traditional markets, gold, and silver\u2026 pic.twitter.com\/M6Z20p5vOL<\/use><\/svg><\/span><\/a><\/p>— sunnydecree (@sunnydecree) May 19, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Bitcoin may soon follow the broader commodity market upswing that is currently observed in gold and silver, as spot Bitcoin ETFs now enable trading on Wall Street. The commodities market is experiencing a robust upswing, with precious metals such as silver and gold recently setting new all-time highs.  Gold is the centre of attention in […]<\/p>\n","protected":false},"author":56,"featured_media":79031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17807,19623,19624,19625],"class_list":["post-79022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc-price","tag-gold-and-silver","tag-gold-price","tag-silver-price-soar"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/Gold-vs-Bitcoin.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79022"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79031"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}