bitcoin (BTC/USD) may be struggling to maintain previous bull market gains with benchmarks cryptocurrencyThe price is just below $17,000, and is down more than 66% in the last year.
when ‘digital gold‘ has lost two-thirds of its value in the past year, Sleep There has been a decline of about 3% year-on-year. Over the past year, the precious metal is currently only in the green, with an upside of about 0.6%, as the spot gold price on December 8 hovered around $1,794 an ounce.
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What’s stopping bitcoin from outperforming gold?
Bitcoin The crypto exchange has failed to break higher in the $17,000 area since its sharp break amid the explosion of FTX. This has turned the cycle of adoption back, Mike McGlone, a senior macro strategist at Bloomberg, noted today. However, he believes that the nascent asset could do better in the end Metal in the long run.
According to Commodity Guru, nothing is stopping bitcoin from outperforming gold. He suggests that the cryptocurrency could reach a high of $69,000 in 2021 before falling to a low of $16,000 in late 2022.is a top contender” To beat traditional safe-haven assets.
McGlone says that bitcoin is unmatched as the most liquid trading vehicle in the world, despite the fallout in a risk-off environment. Nevertheless, BTC could still emerge as a “high-beta version of gold and US Treasuries”. bond“strategist Tweeted,
According to commodity experts:
“The nascent technology/asset is a top contender to outperform the metal over the long term as we see it, and is packing in a very cool price zone. Our graphic shows a bitcoin-to-gold ratio of around 10x. level, which was first reached in 2017. In an increasingly digital world, the benchmark crypto is a top competitor to old-guard gold.
Bitcoin’s volatility is still high compared to gold, currently around 4x. But the 260-day volatility has declined significantly from the 10x levels registered in 2018. The downside in BTC risk shows that it can only go down if bitcoin outperforms gold again.
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