Bitcoin cools off while gold and stocks enjoy new all-time highs

Bitcoin has cooled off a bit, while the S&P, Nasdaq and precious metals all hit new all-time highs in the past day — and that’s not surprising, one analyst said. Declutter.

At the time of writing, Bitcoin is changing hands at $121,336 after falling 0.9% over the past day. But it is still 1.5% higher than last week and 7.6% above last month’s price, according to crypto price aggregator CoinGecko.

And despite the small pullback, BTC is still trading within 3.8% of its new all-time high above $125,000, which was reached this weekend.

Over the same period, the S&P 500 and Nasdaq 100 hit intraday and closing records yesterday. According to TradingEconomics, gold has risen above $4,000 for the first time and silver has risen above $51 per ounce.

“Bitcoin continues to show weakness compared to the S&P, Nasdaq and precious metals such as gold and silver. I don’t expect today’s Powell speech to change that,” pseudonymous CryptoQuant analyst Maartunn said. Declutter. “Over the past two months, Bitcoin has consistently underperformed these assets.”

Users of Myriad, a prediction market platform owned by Declutter parent company DASTAN agree that Bitcoin’s chances of outperforming gold by 2025 are very low. As of this morning, 68% of participants believe the precious metal will beat the world’s largest cryptocurrency this year.

Bitcoin is up 29% so far this year, from around $94,000 to current levels. But gold started the year around $2,642 an ounce and has risen to $4,040 as of Thursday morning – a staggering 53% increase since January.

Maartunn also mentioned Federal Reserve Chairman Jerome Powell’s opening statement at the Community Bank Conference in DC this morning. Typically, investors go through transcripts of Powell’s speeches with a fine-tooth comb, looking for clues about how the Federal Open Markets Committee views monetary policy.

But his pre-recorded video was less than a minute long and made no mention of current economic conditions. This leaves traders with little to gauge how the FOMC might vote at its next meeting at the end of the month. In the hours after his speech, Bitcoin fell 1.3%, dipping below $122,000.

Maartunn said Bitcoin investors may have to wait a while if they hope BTC will outperform stocks and precious metals.

“I would prefer to see a sustained shift over several days before I would consider the two-month trend broken,” Maartunn said.