As the crypto market has been fluctuating for the last few weeks, Bitcoin ($BTC) and the overall crypto market have slumped, Gold is gaining the attention of traders. As reported by Santiment, an on-chain crypto analytical platform, Gold has surpassed $3000, marking new all-time highs (ATHs). Because of the slumped crypto market, many traders’ and investors’ attention has flowed to the gold market, making it their safer and favorite investment opportunity.
Gold Hits $3,000 as Investors Seek Stability Amid Market Volatility
Gold has recently surpassed $3000, achieving a new milestone of hitting new ATHs for the first time. This has sought the attention of crypto investors and traders who are now investing in Gold, considering it as a safer asset to invest in amid the ongoing crypto market turbulence.
Over the past few weeks, the crypto market has seen significant downfalls as Bitcoin ($BTC) has dropped from $109,114.88 (a couple of months back) to $78K. Since then, the crypto market has evident severe fluctuations till today. Following $BTC, other altcoins and the overall crypto market have liquidated millions of funds of crypto investors, and now crypto investors and traders have shifted their attention from crypto to Gold. Because of such circumstances, Gold’s demand has significantly increased, reaching a new ATH of $3000 for the first time in history.
FUD Drives Traders Toward Gold Amid Crypto Market Uncertainty”
As per Santiment, this shift in the sentiment of traders and investors highlights the growing influence of fear, uncertainty, and doubt (FUD) in the fluctuating crypto market. Because of the regulatory concerns, increasing loss pressures, and security breaches that continue to impact the sector, many traders are moving towards traditional assets like gold to preserve capital. And because of such a mindset, now investors and traders considering gold as a safer asset to for investment purposes.
