Bitcoin, Gold, and Ethereum started the week by hitting a new record high. Bitcoin on Monday morning hit $41k+ as market bulls rushed in for the last month of the year.
Bitcoin, in the early hours of Monday, topped $41,500 for the first time since its rise in May 2022, while Ethereum rose above $2,200.
Gold also hit a record high of $2,100 in the first trading session of the week as market analysts believe that the global bullion rush will continue for a while.
Gold rose for the second consecutive month as the Israeli-Palestinian conflict lingers, and this has increased demand for havens and expectations for interest rate cuts, which provided further support. According to some research, the need for gold increases during economic and geopolitical uncertainty due to its status as a reliable store of value.
However, Bitcoin has been selling for $40,000 for the past few days but finally broke the $40,000 scale early Monday morning, signifying a day rise of 4%. Ethereum, trading for $2,205, also witnessed a percentage rise in the past 24 hours.
Bitcoin value has doubled this year following investors' reactions as they speculate about the possible approval of a U.S. ETF that will directly track the price of the crypto asset.
Read more: https://www.investingport.com/bitcoin-gold-ethereum-rise-to-a-new-record-high-in-months/