Bitcoin's rally outpaces gold in start of the new year
- Bitcoin has not only started the new year with a rally, its gains have outpaced those of gold
Bitcoin has not only started the new year with a rally, its gains have outpaced those of gold. That’s reversed — at least temporarily — part of the 76% decline in the Bitcoin-to-gold ratio over 12 months through November, a period during which the cryptocurrency tumbled into a bear market, as per Bloomberg. The gauge actually found a low two months ago and drifted sideways, taking support at resistance formerly seen in 2018 and 2019. The jump so far in 2023 signals that the barrier has now turned into a significant support area, reported Bloomberg.
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