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Nexo

Why Toppling Silver and Gold Prices Could Be Especially Bad for Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in Altcoins, Bitcoin
0
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In March 2020, the stock market dragged cryptocurrencies down to their Black Thursday bottom. Since then, however, soaring gold and silver prices have helped restore interest in Bitcoin and altcoins.

These hard, digitally scarce assets are expected to perform similarly to precious metals due to similar supply attributes. Still, it also could cause a disastrous crash in crypto as a result.

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Silver and Gold Rally Ready For Pullback And Dollar Stages Overdue Recovery

The dollar has been in steady decline, with top financial market analysts from the likes of Goldman Sachs and more calling for its eventual demise. The once almighty dollar is at risk of losing its global reserve currency status, and it has caused a domino effect across the global finance market.

RELATED READING | GOLDMAN CHIEF THAT SLAMMED BITCOIN SAYS GOLD HAS NO ROLE FOR CLIENTS

Stocks have stayed relatively stagnant, waiting for news of the coming stimulus before reacting. Ahead of the United States government finalizing what the next round of stimulus entails, hard assets like gold, silver, and Bitcoin exploded over the last couple of weeks.

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Gold set a new all-time high price record, and silver tapped nearly $30 an ounce. Investors flocked to these safe-haven assets with scarce supplies ahead of more money supply entering the market.

gold and silver chart

Silver and Gold Comparison | Source: TradingView

But the dollar is preparing a rebound, reaching the lowest level in two years and a point in sentiment in which reversals have occurred in the past. Various technical signals also suggest a resurgence in the global reserve currency is due.

It may be promoting profit-taking in silver and gold that could cause a short to medium-term pullback. And if crypto-assets like Bitcoin and altcoins remain correlated with precious metals, silver and gold toppling now could be disastrous for the asset class just getting started on a new bull run.

Bitcoin, Ethereum, XRP, and Other Altcoins May Fall If Precious Metals Melt Down

When gold set its record and silver soared, Bitcoin and major altcoins followed. The leading cryptocurrency by market cap breached above $10,000 and, in a flash, rocketed to $12,000. Ethereum is up over 200% year to date, and XRP, a poor market performer, saw a 45% weekly gain.

Altcoins especially are performing well, acting as the silver to Bitcoin as digital gold. And with these assets behaving similarity and sharing similar economics, the two classes of distinctly different assets could all fall together against the dollar.

gold silver bitcoin altcoins crypto

Bitcoin, Altcoins, Silver, and Gold Comparison | Source: TradingView

Layering the same gold versus silver chart from above with Bitcoin and the total altcoin market cap shows an uncanny resemblance between them all.  And although they are standing united, the only thing divided if they fall together will be any recent returns not already locked in for profit.

RELATED READING | WHY SILVER’S PERFECT STORM SURGE WON’T SPILL INTO CRYPTO

Is the gold and silver rally coming to a halt? And if so, will the crypto market feel the meltdown of these precious metals?

Image Courtesy of 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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