Gold and silver have both reached new highs, why hasn't Bitcoin followed suit? The crypto market may be entering a "lagging response period."

On December 22, gold and silver prices simultaneously reached new historical highs, triggering widespread attention in the market towards the trends of Crypto Assets. Data shows that Spot gold rose to $4412 per ounce, while silver surged to $69.44, with annual increases of 67% and 138%, respectively. Against the backdrop of rising risk aversion, a weakening dollar, and increasing expectations for interest rate cuts, precious metals have become a major flow of global capital.

In contrast to the strong performance of precious metals, the cryptocurrency market has reacted relatively slowly. The price of Bitcoin is currently maintained in the range of 86,000 to 89,000 dollars, down about 30% from its previous high. During periods of rising macroeconomic uncertainty, investors often prioritize traditional safe-haven assets like gold, rather than more volatile digital assets.

Historical data shows that this “first gold, then Bitcoin” rhythm has not appeared for the first time. When gold first set a historical high in 2020, Bitcoin did not immediately follow the rise, but began a strong market several months later and achieved several times of increase within the following year. A similar situation also occurred in the 2022 to 2024 cycle, where gold rose first, while Bitcoin only experienced an explosion after liquidity improved.

From the perspective of asset attributes, gold is more attractive in the early stages of economic pressure, especially in an environment of declining interest rates and geopolitical tensions. Bitcoin, on the other hand, is often viewed as a high-risk asset during this phase, susceptible to capital withdrawal. However, once market sentiment stabilizes and the effects of interest rate cuts gradually manifest, risk appetite tends to recover, and Bitcoin usually welcomes a rebound in prices.

Currently, the market environment for 2025 is still dominated by risk aversion, with funds continuously flowing into the precious metals sector, so it is not surprising that cryptocurrencies are under short-term pressure. If the stock market stabilizes in the future and macro policies become further relaxed, Bitcoin and Crypto Assets may once again exhibit their “lagging but more resilient” rise characteristics.

Overall, the new highs in gold and silver prices do not necessarily indicate a weakening crypto market, but are more likely to signal a phase of rotation. For investors following Bitcoin trends, crypto assets investment opportunities, and macro asset allocation, the strength of precious metals may be a prelude to the next round of changes in risk assets.