Bitcoin’s struggle to stay above $ 40,000 has negatively affected the rest of the market. As the bears and bulls fought, the money went to Bitcoin so as not to break the $ 40,000 support. During this fight, Bitcoin’s dominance rose again to 71%. This has limited the growth of other currencies, including Ethereum.
While Bitcoin was fighting for $ 40,000, there was an unexpected drop on the gold side. On January 6, gold rose to $ 1950 per ounce levels and wondered if it would be retested to $ 2,000, losing the fight to maintain the $ 1900 level during the day and had a heavy retreat to $ 1830 levels. .
The beloved host of CNBC’s “Mad Money” show, Jim Cramer, evaluated this amazing performance of gold.
According to Jim Cramer, the rise of cryptocurrencies has diminished interest in gold. Stressing that the chaos in the United States for a few days has not helped the gold to recover, Cramer said that the market is either not as chaotic as it seems or that all the money is directed to the cryptocurrency.
either it’s not as chaotic, so the gold doesn’t jump, or everything will encrypt! But remember that there was no flight to quality (treasures) https://t.co/nExv3O7dRm
– Jim Cramer (@jimcramer) January 8, 2021
Announcing that he will buy Bitcoin at the Bitcoin price of $ 18,000 in December 2020, Cramer has already managed to win more than twice if his BTCs hold.
The idea that Bitcoin is gaining market share in gold is not a new idea. However, this power of gold, which is fueled by all the chaos and seen as an escape point, continues to weaken. Bitcoin, which has the “escape ramp” feature below it, continues to get a share of the gold cake every day.