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Nexo

Why Silver’s Perfect Storm Surge Won’t Spill into Crypto

Tony Spilotro by Tony Spilotro
2 years ago
in Altcoins, Bitcoin
0
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Cryptocurrencies like Bitcoin and altcoins are suddenly heating up once again, thawing out of their long extended crypto winter.

Alongside crypto, precious metals are also rallying potentially due to the two asset classes sharing similarities, such as scarce supply.

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But a sudden “perfect storm” causing silver prices to surge sky-high shouldn’t have investors expecting a similar breakout in altcoins – the silver to Bitcoin as digital gold.

XAGUSD Surges By Over 18% To $23 A Troy Ounce On Monetary Mismanagement

In the last 48 hours, spot silver prices have exploded from under $20 a troy ounce to $23 at the high. The now over 18% rally has the finance world abuzz with what’s causing the incredible run in the precious metal.

Gold has also been surging as investors continue to look to the asset as a safe haven and hedge against inflation. Precious metals, due to their scarce, limited supplies rise in value during monetary conditions like the present.

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Central banks across the globe are printing more and more fiat money, devaluing the overall money supply through inflation. At the same time, gold and silver supplies remain finite, prompting their valuations to rise along with demand.

RELATED READING | GOLD CHART SHOWS WHY BITCOIN IS THE FASTEST HORSE IN RACE AGAINST INFLATION

The same sort of conditions are also causing Bitcoin and altcoins in the crypto market to rise. Bitcoin’s two-year performance is currently neck and neck with gold, despite the rollercoaster ride BTC took to get there.

Altcoins, which feature a price chart eerily similar to the silver market, has also recently been breaking out. These assets too have hard-capped supplies in many cases, or at least supplies that are limited in some way.

But silver’s “perfect storm” surge likely won’t repeat in altcoins, despite the similarities. This is because there are some unique factors driving silver’s rally that crypto-assets can’t replicate.

silver versus crypto altcoins xagusd

Silver XAGUSD to Total Altcoin Market Cap Comparison | Source: TradingView

Green Initiatives Keep Silver Shining While Comparable Crypto Altcoins Get Left Behind

Altcoins may be the crypto version of silver much like Bitcoin is to gold, but don’t expect altcoins to follow the recent pump in XAGUSD.

The two price charts may be similar, but there are unique factors fueling the silver rally that altcoins can’t mimic.

In addition to being used as a hedge against inflation, precious metals existing in a physical form gives them added benefits that crypto-assets can’t match.

Being digital-only has its benefits too, but its the physical use cases of silver that are driving the price increase.

RELATED READING | GOLD TO BECOME MORE LIKE BITCOIN IN COMING DECADE AS WORLD GOES DIGITAL

Precious metals, like crypto, are both currency and commodity. Because supply and demand heavily impact the price of commodities, silver being central to a greener future is driving renewed demand.

Gold is used in computer motherboards and circuitry, while silver is used in solar panels and other environmentally friendly efforts.

Altcoins may be performing well due to the bear market ending, coinciding with money supply flooding the market, but without a physical form or use case, crypto won’t surge in the same way silver has.

Featured image from Deposit Photos.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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