Which has performed better in 2024?

The precious metal has had a very impressive year, having surged 27% and hit a new all-time high on Friday alone.

However, does this impressive YTD rise mean it has done better than bitcoin, which is far from its ATH?

Gold dominates in 2024

Perhaps driven by the general macroeconomic situation, with the outbreak of some wars, uncertainty over numerous election cycles, purchases from central banks in emerging markets or other reasons, the yellow metal has been at the forefront of price rallies in 2024 It entered the year. at $2,065/oz, but quickly began to appreciate against the greenback.

The culmination came yesterday when it soared to $2,622 to hit a new all-time high, meaning it had gained 27% in value since January 1. Its price movements against other currencies such as the Euro or the British pound are quite similar.

XAUUSD Until the year. Source: TradingView

But that’s not all. Experts believe his ascension is far from over. Goldman Sachs’ recent research says gold could go further, to around $2,700 in the coming months, especially if the United States imposes new financial sanctions against other countries after the election. The US debt burden is another factor that could increase its price.

“Gold is our short-term strategists’ favorite over the long term (the commodity they most expect to rise in the short term) and is also their preferred hedge against geopolitical and financial risks.” – reads Goldman’s note.

Citing several experts, CBS reported that gold is poised for a bullish October due to the US Fed’s recent interest rate cut.

What about Bitcoin?

Bitcoin has a controversial position in the global economy. Believers see it as the natural replacement for gold, as it has many of its merits but operates in the digital world. Critics say it’s too volatile and its short history puts it more on the side of riskier assets than gold, which has been around since the dinosaurs. Or maybe it’s something in between.

However, BTC has also been on a bull run this year. It traded at about $42,200 on January 1 and hit a new all-time high less than three months after nearly $74,000.

Although it lost a lot of ground in the following months, even dipping below $50,000 on a few occasions, it is now trading at $63,000. This means that while it is more than ten thousand away from its ATH in March, its 2024 rally has seen gains of roughly 50%, or nearly double that of gold. So despite the yellow metal’s very impressive year, perhaps the best yet, BTC has still outperformed, at least for now.

Bitcoin/Price/Year-to-Date Chart. Source: TradingView SPECIAL OFFER (sponsored) Binance Free $600 (exclusive of CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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