Gold just smashed through another all-time high on Monday, reaching $3,817 per ounce in Asian trading and leaving Bitcoin in the dust. The precious metal had an absolutely monster September with a 9.43% gain, pushing its year-to-date performance to a staggering 45.2%. That’s potentially gold’s strongest year since 1979.
The rally got a major boost from the Federal Reserve’s recent rate cuts and a weakening US dollar. Throw in some geopolitical chaos that’s got investors spooked, and you’ve got the perfect recipe for gold’s safe-haven appeal to go through the roof.
Bitcoin managed to squeeze out a 3.2% gain in September, which is actually pretty decent considering it’s historically one of the worst months for crypto. But here’s the kicker – Bitcoin is still trading almost 10% below its all-time high while gold keeps setting new records practically every other day.
What’s really interesting is that Bitcoin and gold used to move together pretty closely, but that relationship has completely fallen apart recently. Some analyst pointed out that the correlation between them has actually gone negative, which means when gold goes up, Bitcoin might not follow anymore like it used to.
The debate now is whether Bitcoin will catch up in October, which traders like to call “Uptober” because it’s usually a strong month. Some optimistic folks think Bitcoin could blast toward $150,000 by year-end, though they’re warning about a potential 10-15% correction first.
Conclusion
Gold reached a record $3,811, while Bitcoin trades 9.9% below its peak, sparking debate on whether crypto will follow the precious metal’s rally in October.
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