Gold has surged above $3,300 per ounce today, reaching an all-time high with a link from a keen rally expert to raise central bank demand, geopolitical tensions and concerns about a dollar devaluation.
This surge quickly rekindled debate over the role of Bitcoin as a potential “digital gold.” Analysts are looking at whether the two assets could rise together.
At the peak (08:15 UTC), Spot Gold broke over $3,316 before pulling back slightly, but is firmly above the $3,300 level. This record has kept the strong bullish momentum for the week to a week. This closed the strongest weekly candle in years, climbing nearly 2% in one session.
Record gold accumulations by central banks, particularly China and India, have added long-term strength to bullion markets, with investors increasingly hedging inflation, debt monetization and geopolitical insecurity, according to Bloomberg data.
Related: Can April trigger the Altcoin season? van de Poppe links ETH strength to gold dip
How do analysts see the role of Bitcoin and the domination of gold?
Analyst Michael Van de Poppe previously suggested that a wider market shift could require gold pullbacks. Historically, strong, expanded, safe hull assembly often sees modifications. But Tim Kotzman, host of Bitcoin Treasuries Podcast, recently said, “Gold continues to be a sleeping giant in legacy finance, and Bitcoin slowly creeps into the institutional portfolio and public finances.”
Market strategists believe that gold breakouts could create ripple effects in the crypto market, especially if the US Federal Reserve continues to dove shifts at upcoming FOMC meetings.
Why do Bitcoin and gold gain favour over Fiat currency?
Meanwhile, Bitcoin continues trading near the $83,000 level, as macro queues and liquidity conditions hold the key to the next breakout.
Related: Bitcoin vs. Gold: Why are BTC ETFs attracting far more capital?
Gold may appeal to older, conservative investors, but Bitcoin is rapidly regaining traction as a programmable and valuable storage, especially in emerging markets.
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