CandleFocus Gold is outperforming Bitcoin and elevated risk assets
2024-10-24
Author: Content Editor
The rise of digital currencies like Bitcoin has raised questions about the role of gold as a store of value. Some investors are gravitating towards Bitcoin due to its potential for high returns, while others believe gold remains a safer investment. Bitcoin has seen choppy trading but has gained 57.88% year-to-date, while gold has had a smoother price increase of 32.69% and is expected to deliver record returns. The gold-to-bitcoin ratio, which measures the performance of the two assets, has been decreasing since March, indicating that gold is outperforming Bitcoin. This trend is notable as the S&P 500's performance has not correlated with Bitcoin's performance, suggesting potential headwinds for risk assets. Despite Bitcoin's superior returns, the narrowing gap and higher volatility mean that gold's role as a safe haven asset is unlikely to be disrupted in the near future.
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