As 2024 begins, experts are looking at indicators for the future performance of the most prominent commodities, including the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), and the top asset by market capitalization, gold, as well as their performance against each other.
With this in mind, Bloomberg’s senior commodities specialist, Mike McGlone, offered his expert opinion on whether the precious metal could beat the largest cryptocurrency by market cap in 2024, arguing that “gold may have the upper hand in 2024 vs. hyped Bitcoin,” as he explained in an X post on January 4.
Gold vs. Bitcoin
According to McGlone, the maiden crypto asset, which anticipates the approval of its first spot exchange-traded fund (ETF) in the United States, “led most risk assets down in 2022 and up in 2023, which could portend Bitcoin’s high market-beta status vs. the store-of-value metal.”
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On top of that, Bloomberg’s commodities expert added that the Bitcoin/gold cross could guide “the reversion potential of very low stock market volatility,” as demonstrated in multiple instances in the chart pattern analysis accompanying his post.
Recent price performance
Meanwhile, Bitcoin is presently changing hands at the price of $43,343, recording an increase of 2.08% in the last 24 hours, a 1.2% gain across the previous seven days, and an advance of 3.53% on its monthly chart, despite erasing $60 billion from its market cap in a single day upon Jim Cramer’s endorsement.
At the same time, gold was trading at the price of $2,048 per ounce, up 0.29% on the day, down 2.3% across the past week, and growing 0.31% in the last month, after hitting its all-time high (ATH) of $2,093 in December, as per the latest information retrieved on January 4.
It is also worth mentioning that McGlone earlier observed that commodities were tilting toward a great reset in which gold was rising and most of its competitors declining, with the “risk of that trajectory accelerating in 2024,” as Finbold reported.
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