Bitcoin, one of the flagship crypto assets, topped $41,500 for the first time since early May 2022, while Ethereum rose above $2,200 amid a broad but modest rally in the crypto market. According to Binance data, Bitcoin has been toying with the $40,000 mark for the past few days, but it finally broke above $40K early Monday morning, marking a day rise of 4%. Meanwhile, Ethereum is trading at $2,205 and has risen by a similar percentage over the past 24 hours.
In the same vein, and with respect to Gold’s high record, market analysts anticipate that the global bullion rush will continue, with spot prices reaching $2,100 in the first trading session of the week. Precious metal performs well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.
Prices for the yellow metal rose for the second consecutive month as the Israeli-Palestinian conflict increased demand for safe havens, and expectations for interest rate cuts provided further support. A recent survey by the World Gold Council showed growing pessimism about the U.S. dollar as a reserve currency, with 24% of central banks intending to increase their gold reserves over the next 12 months.
It is important to note that Bitcoin’s value has more than doubled this year, with most of the gains occurring in recent weeks as investors speculate about the possible approval of a U.S. ETF that directly tracks the crypto asset’s price.
