CandleFocus Bitcoin and gold line up as top outperformers in 2024
2024-09-18
Author: Content Editor
Bitcoin (BTC) and gold are expected to be the top-performing assets in 2024 due to geopolitical uncertainty and inflation. In previous years, BTC has outperformed while gold has experienced stagnant prices. However, in 2024, both assets are rising as a hedge against inflation. BTC and gold prices have shown a stronger correlation since 2023. Wealth management firm Creative Planning ranked BTC and gold as the top two assets in terms of gains. While BTC generally outperforms during bull markets, it lags behind during drawdown periods. Despite some deceleration in cost of living and food inflation, BTC and gold remain appealing. Gold has historically outperformed after rate-cutting cycles by the US Federal Reserve. After the news of a rate cut and predictions of further easing in 2026, gold briefly reached $2,600 per Troy ounce. Sound money arguments tend to favor BTC over gold. BTC faced selling pressure and insider factors, causing its price to dip below $60,000. However, BTC's dominance in the crypto market has been growing, indicating increased interest from investors. Traders remain cautious but expect BTC to rally to a new high in late 2024.
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