Bitcoin continues to struggle, hovering below the $100,000 mark and failing to spark enthusiasm among traders. According to CryptoQuant, Bitcoin is overvalued with a fair price range between $48,000 and $95,000. Daily transaction volumes have plunged by 53%, contributing to a 15% drop in network activity since November. Even Eric Trump’s recent push for BTC investments through World Liberty Financial couldn’t revive the crypto’s momentum.
Gold Secures Sixth Straight Weekly Gain
In contrast, gold is thriving. The precious metal has climbed to a record $2,882 per ounce, rising 2.32% this week alone, according to TradingView. UBS attributes gold’s surge to its role as a reliable store of value amid economic uncertainty, drawing investors away from Bitcoin’s stagnation.
Friday’s U.S. nonfarm payrolls (NFP) report could shake things up. If job growth falls below expectations, it may signal a slowing economy, prompting traders to anticipate Federal Reserve rate cuts. This could reignite interest in riskier assets like Bitcoin. However, strong data would reinforce tighter monetary policy, keeping Bitcoin under pressure.
For now, gold reigns supreme, while Bitcoin awaits its next breakout opportunity.
At the time of writing, Bitcoin is sitting at $96,924.25.
Questions or Comments about the article? Write to editor@tipranks.com