I just reviewed the charts, and what’s happening with gold right now is quite notable. The precious metal continues to surge and is already around $4,930 per ounce, while bitcoin keeps falling without finding a floor. It’s below $71.5K now, very far from the peak $126K it hit a few months ago.

What’s interesting is that some analysts like Jim Bianco are questioning whether the bitcoin adoption narrative has already run out. He says that the adoption announcements stopped working and that the market needs a new story. On the other hand, Eric Balchunas from Bloomberg counters that bitcoin rose by about 300% in 20 months, so maybe it’s normal that it’s consolidating after such a strong rally.

What catches my attention is how bitcoin is falling against practically everything. In the last 14 months, while BTC is down 2.6%, silver is up 205%, gold 83%, and the Nasdaq 24%. In other words, if you had invested in almost any other asset instead of bitcoin, you’d be in a better position right now. Balchunas mentions that early investors are making large sales after years of holding, which would be putting pressure on the price.

XRP is also showing weakness, falling to $1.33 with high volume. It seems that the entire sector is in defensive mode for now. It’s interesting to see how gold continues to gain prominence while crypto is stagnant.