Electronic Money is trading sideways on Thursday morning, while gold continues to rise as discussions about a price of $4,000 an ounce begin to spread strongly.
The battle for value storage: BTC maintains a level of $93,000 as gold rises in price.
Bitcoin has remained the same for the past 24 hours, fluctuating up and down just above $93,000. Meanwhile, gold, which soared to an all-time high last week, continues to trade above $3,300 and JP Morgan predicts the precious metal will surpass $4,000 at some point next year as investors abandon Treasury bonds and U.S. dollars in favor of safe-haven bullion.
Overview of market data
Bitcoin is currently trading at $93,531.90 at the time of reporting. This leading Electronic Money has increased by 0.42% in the past 24 hours and has risen by 10.47% in the past week. Over the last day, BTC has moved within a relatively narrow range from $91,696.71 to $94,212.90, signaling consolidation near recent highs.
Trading activity has cooled down after the previous surge, with the trading volume in the last 24 hours decreasing by 41.03% to $31.82 billion. Despite the drop in trading volume, the market capitalization of bitcoin still increased slightly by 0.49% to $1.85 trillion. Meanwhile, BTC's market dominance decreased slightly by 0.17% to 64.32%, indicating modest interest returning to altcoins.
In terms of derivatives, the total open interest of BTC futures increased by 0.66% to $64.67 billion, according to Coinglass, indicating that traders continue to position for further price increases. Liquidation data shows total losses were low, only $1.57 million in the past 24 hours. However, short sellers absorbed the majority, accounting for $1.55 million of those losses, a clear signal that bullish sentiment remains strong.
Digital gold or bullion gold?
The unpredictable tariff policy of President Donald Trump has caused foreign investors to worry and lose their composure, leading to a flight from U.S. Treasury bonds and the dollar, while the price of gold has surged, a traditional safe-haven asset. However, bitcoin has also seen increasing interest, with evidence of a decoupling from the stock market beginning to emerge.
Electronic Money, created to become digital cash, but currently operates more like digital gold, which may force this precious metal to compete for money, yet at present, it seems that gold is winning that battle.
A report from CNBC states that JP Morgan predicts this metal will continue to rise in price and reach $3,675 an ounce by the end of the year, ultimately hitting $4,000 by mid-2026. Bitcoin is also predicted to reach $200,000 by the end of the year. These two assets have a correlation of about 0.49 according to data from Newhedge, but considering the macroeconomic context, that correlation is likely to increase as they compete for safe haven status.
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Bitcoin Stabilizes At 93,000 USD As The Battle With Gold Unfolds
Electronic Money is trading sideways on Thursday morning, while gold continues to rise as discussions about a price of $4,000 an ounce begin to spread strongly. The battle for value storage: BTC maintains a level of $93,000 as gold rises in price. Bitcoin has remained the same for the past 24 hours, fluctuating up and down just above $93,000. Meanwhile, gold, which soared to an all-time high last week, continues to trade above $3,300 and JP Morgan predicts the precious metal will surpass $4,000 at some point next year as investors abandon Treasury bonds and U.S. dollars in favor of safe-haven bullion. Overview of market data Bitcoin is currently trading at $93,531.90 at the time of reporting. This leading Electronic Money has increased by 0.42% in the past 24 hours and has risen by 10.47% in the past week. Over the last day, BTC has moved within a relatively narrow range from $91,696.71 to $94,212.90, signaling consolidation near recent highs.
Trading activity has cooled down after the previous surge, with the trading volume in the last 24 hours decreasing by 41.03% to $31.82 billion. Despite the drop in trading volume, the market capitalization of bitcoin still increased slightly by 0.49% to $1.85 trillion. Meanwhile, BTC's market dominance decreased slightly by 0.17% to 64.32%, indicating modest interest returning to altcoins.
In terms of derivatives, the total open interest of BTC futures increased by 0.66% to $64.67 billion, according to Coinglass, indicating that traders continue to position for further price increases. Liquidation data shows total losses were low, only $1.57 million in the past 24 hours. However, short sellers absorbed the majority, accounting for $1.55 million of those losses, a clear signal that bullish sentiment remains strong. Digital gold or bullion gold? The unpredictable tariff policy of President Donald Trump has caused foreign investors to worry and lose their composure, leading to a flight from U.S. Treasury bonds and the dollar, while the price of gold has surged, a traditional safe-haven asset. However, bitcoin has also seen increasing interest, with evidence of a decoupling from the stock market beginning to emerge. Electronic Money, created to become digital cash, but currently operates more like digital gold, which may force this precious metal to compete for money, yet at present, it seems that gold is winning that battle.
A report from CNBC states that JP Morgan predicts this metal will continue to rise in price and reach $3,675 an ounce by the end of the year, ultimately hitting $4,000 by mid-2026. Bitcoin is also predicted to reach $200,000 by the end of the year. These two assets have a correlation of about 0.49 according to data from Newhedge, but considering the macroeconomic context, that correlation is likely to increase as they compete for safe haven status.