Despite sharing similar macroeconomic drivers, bitcoin and gold have recently moved in opposite directions.
Gold has continued to hit near-record highs, while bitcoin (BTC $109,350) has struggled to sustain momentum, even amid supportive factors such as easing monetary policy, ETF inflows, and growing corporate adoption.
The current divergence suggests bitcoin may remain range-bound until gold experiences a pullback. On Wednesday, gold fell 1.5% to $3,759 per ounce, allowing bitcoin to climb 1.7% to $113,700, marking a rare positive session for the cryptocurrency.
Long-Term Trends Remain Correlated
Over longer periods, both assets generally move in the same direction, reflecting their shared role as hedges against inflation and excessive government spending:
- Year-to-date: Gold is up 42%, while bitcoin has gained 22%, both showing positive returns
- Since early 2024: Gold has risen 82%, compared with bitcoin’s 155% advance
- Since early 2023: Gold has more than doubled, while bitcoin has surged over sixfold, rebounding strongly from 2022 lows
Analysts note that while gold may dominate short-term price action, bitcoin’s long-term trajectory remains bullish, supported by macro tailwinds and institutional adoption.
