Home
News
- In November 2022, gold has surpassed bitcoin at a time when the crypto market is totally shaken by the recent FTX collapse.
- Gold jumped 6.12% since November 1, 2022.
- Analysts are bullish that gold will touch a bar of $4,721 per ounce by 2024 and by 2030, traders think the metal will touch $8,732 per ounce.
From the past few months, Bitcoin is facing its bad days. The largest cryptocurrency is now over 18% lower as compared to the beginning of November of this year. We can say that the reason for this decline is linked to the FTX collapse and the disordered repercussions that happened.
If we talk about another asset, Gold then it has grown 6.12% higher as compared to the beginning of this November. On November 1, a troy ounce of .999 fine monetary value was $1,647.50. But now, at the time of writing, the cost of an ounce of .999 fine gold is almost $1,748.49 per unit.
Majorly, the price of gold started rising on November 1, and it plunged and started elevating after the U.S. Bureau of Labor Statistics issued October’s consumer price index. The value of gold rose 3.81% against the U.S. dollar from November 10 to November 13. On November 10, the value of gold per ounce was standing at about $1,706 per unit and on November 13 it stood at about $1,771 per ounce.
What did Frank Cholly told about the precious metal?
The senior market strategist at RJO Futures, Frank Cholly told the media that the precious yellow metal has run up too quickly and also it is normally taking a break.
“Gold is now about to touch $1,800. And now, the market is witnessing some profit-making. It does seem to be turned upside down. I am not prepared to get slumping till now. Also, we are taking a break,” Cholly described on November 18. Although there is something where Cholly can get hopeless as she explained:
“If the precious metal will not go up from $1,750 then, I will start to get hopeless, and at $1,725, things will be unpleasant for gold.
Compared to the Bitcoin supporters betting on the Bitcoin declining event to support Bitcoin prices, gold bugs think that gold will touch a bar of $4,721 per ounce by 2024 and by 2030, the traders think the metal will touch $8,732 per ounce.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
