Gold Soars to Fresh Records as Bitcoin Lags at $89,000
Altcoins are following the same trend, led by Solana (SOL), which is down 4.4%, followed by XRP, off 3.1%, and Cardano, down 3.7%.
Quick overview
- Bitcoin has declined 1.3% to $88,920, while Ethereum is down 0.5% to $3,008.45.
- Gold has reached all-time highs, driven by geopolitical uncertainty and a weakening U.S. dollar.
- Market research suggests that Bitcoin may be vulnerable to technological threats, while gold's physical storage offers stability.
- Wall Street closed mixed, with the S&P 500 slightly down and the Nasdaq reaching a new record high.
The leading cryptocurrency continues to slide, while gold soars to historic levels.
The cryptocurrency market is trading with modest gains on Wednesday. Bitcoin (BTC) reversed earlier advances and is down 1.3% at $88,920, while Ethereum (ETH) is also lower, slipping 0.5% to $3,008.45.
Altcoins are following the same trend, led by Solana (SOL), which is down 4.4%, followed by XRP, off 3.1%, and Cardano, down 3.7%.
Bitcoin weakens as gold keeps climbing
Amid heightened geopolitical uncertainty, gold has reached fresh all-time highs and continues to strengthen as a safe-haven asset amid a weakening U.S. dollar—a dynamic that has weighed on Bitcoin.
Against this backdrop, market research firm Yardeni Research published a comparative analysis of gold and the leading cryptocurrency, noting that Bitcoin exists solely in digital form and may be vulnerable to future technological threats, whereas gold must be physically stored.
After gold surpassed $3,000 in early 2025, the firm began projecting a move toward $10,000 by the end of the decade. “That would represent a fivefold increase from its breakout to new highs in 2024,” Yardeni said.
When U.S. President Donald Trump remarked that “the dollar is doing a great job,” Yardeni interpreted the comment as a tacit endorsement of a weaker currency. As a result, the firm concluded: “A weaker dollar could put upward pressure on U.S. inflation, which would also support higher gold prices.”
Traditional markets
Wall Street closed mixed on Wednesday, January 28, giving up earlier gains that briefly pushed the benchmark S&P 500 above the historic 7,000-point level for the first time. Meanwhile, the Nasdaq finished the session at a fresh record high. Investors remained cautious ahead of the Federal Reserve’s policy decision—which confirmed interest rates would remain unchanged—and key earnings reports from major technology companies.
In this context, the Dow Jones Industrial Average edged up 0.02% to 49,015.54 points; the S&P 500 slipped 0.01% to 6,978.04; and the Nasdaq Composite rose 0.2% to 23,857.45.
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