For the first time ever, the world’s largest commodity – Gold – and the first and largest cryptocurrency – Bitcoin (BTC) – emerged as the two worst-performing major assets in 2026.
Specifically, a table published on X on October 23 by Charlie Bilello, the Chief Market Strategist at Creative Planning, showed that, by that date, BTC declined 7.3% year-to-date (YTD), while the yellow metal dropped 7.5% YTD.
This year is not the first in which both assets were in the red for the calendar year – the same occurred in 2014, 2018, and 2022 – but they were never at the very top of the chart. Still, Bitcoin suffered far larger drops in each of these three years – 58%, 73%, and 65%, respectively.
Notably, with the table being published on October 23, Bitcoin and Gold have more than two months to reverse their fortunes, though BTC’s position declined further, and the commodity’s improved only slightly by press time on Monday, October 26.
Bitcoin drops 8% in 2026
Meanwhile, Bitcoin’s 2026 performance appears largely driven by the cryptocurrency’s historical cycles. After recording a new all-time high (ATH) above $125,000 late in 2025, BTC entered a downtrend that took it, by press time, roughly 36% lower to $80,155 since the ATH.
Under the circumstances, many investors and analysts expected the digital asset to enjoy a bullish reversal late in the year, with forecasts from early 2026 anticipating that the cryptocurrency’s price would find a bottom early in October.
Notably, Bitcoin started recovering earlier than expected with a powerful rally late in August, but BTC has also shown significant sensitivity to geopolitical and wider market turmoil, suffering a somewhat unexpected drop toward $80,000 on the possibility that the Iran War would resume in earnest.
Gold crashed 7% YTD after early-2026 upsurge to $5,400
Elsewhere, after a nearly continuous rise between 2023 and early 2026, Gold found its highs near $5,400 early this year before suffering a sudden reversal that has, by late October, taken it to a critical support level at $4,000.
Along with arguably representing a relatively common correction in the wake of a decisive rise, the yellow metal’s performance in 2026 can be linked to numerous factors gripping the markets throughout the year.
Continuously high inflation and the broader turmoil in bond markets increased the opportunity cost of owning the commodity, while the strength of the U.S. dollar index (DXY) – DXY is up 3.84% YTD – made purchasing it more expensive for international buyers.
The high stock volatility – driven both by oil market turmoil from the Iran War and the shifting narratives regarding artificial intelligence (AI) – also led to leveraged traders reducing their positions in liquid assets such as gold to cover margin calls.
Featured image via Shutterstock
