Gold Continues to Break ATH, Will Bitcoin Surpass the Peak in the Second Half of 2024?
This week, the price of Gold (GOLD) continuously broke the all-time high (ATH) and closed the week at $2,577. The demand for gold increased in the context of escalating geopolitical instability and increasing inflation in many countries around the world.
Bitcoin is known as “Digital Gold”, as it is an effective hedge against inflation besides Gold. Therefore, the increase in Gold also has a positive effect on BTC prices.
The US stock markets also showed positive signs this week, “turning around” strongly right after a sharp decline last week. The declining strength of the USD has caused a strong flow of money into investment markets. Many US stock indexes are only about 1% away from the ATH level.
Investor sentiment appears to be more optimistic amid expectations of monetary policy easing. A number of countries have lowered interest rates, while the US Federal Reserve (FED) is expected to cut interest rates at its FOMC meeting on September 18.
