Bitcoin has remained flat over the past 24 hours, bobbing up and down just above $93K. Meanwhile, gold, which surged to an all-time high just last week, continues to trade above $3,300 and J.P. Morgan predicts the precious metal will break through the $4,000 threshold sometime next year as investors ditch treasuries and U.S. dollars in favor of the bullion safe haven.
Bitcoin is currently trading at $93,531.90 at the time of reporting. The flagship cryptocurrency is up 0.42% over the past 24 hours and has gained 10.47% over the past week. During the last day, BTC moved within a relatively narrow range of $91,696.71 to $94,212.90, signaling consolidation near recent highs.
( BTC price / Trading View)
Trading activity cooled off following a previous surge, with 24-hour volume falling by 41.03% to $31.82 billion. Despite the drop in volume, bitcoin’s market capitalization inched up 0.49% to $1.85 trillion. Meanwhile, BTC’s market dominance dipped slightly by 0.17% to 64.32%, hinting at modest interest returning to altcoins.
( BTC dominance / Trading View)
On the derivatives front, total BTC futures open interest rose by 0.66% to $64.67 billion, according to Coinglass, suggesting that traders continue to position for more upside. Liquidation data revealed low overall losses, totaling just $1.57 million over the past 24 hours. However, short sellers absorbed the lion’s share, accounting for $1.55 million of those losses, a clear signal that bullish sentiment remains firmly in place.
President Donald Trump’s unpredictable tariff policy has left foreign investors skittish and unnerved, leading to an exodus from U.S. treasuries and the dollar and a surge in gold prices, the traditional safe-haven asset. But bitcoin has also seen increasing interest, with evidence of a decoupling from equity markets starting to show.
The cryptocurrency, created to be digital cash, but nowadays behaving more like digital gold, may give the precious metal a run for its money, but for now, it seems gold is winning that battle.
( BTC and gold currently have a correlation of 0.49 / Newhedge)
Reporting from CNBC says J.P. Morgan predicts the metal will continue its rally to reach $3,675 per ounce by year-end and will eventually top $4,000 by mid-2026. Bitcoin is also being predicted to reach $200,000 by year-end. The two assets have a correlation of about 0.49 according to data from Newhedge, but given the macroeconomic landscape, that correlation will likely increase as they duke it out for safe-haven supremacy.
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