Bitcoin traded near $88,800 on Monday as global markets fell back into risk following record highs in gold and gains in Asian stocks.
Ether rose back above $3,000, while XRP, Solana and Dogecoin also rose after a volatile stretch that saw cryptocurrency prices swing wildly independently of stocks and commodities.
The steadier tone came as gold hit a record high above $4,380 an ounce, boosted by growing bets that the Federal Reserve will deliver additional rate cuts in 2026.
The metal is on track for its strongest annual performance since 1979, supported by central bank buying and persistent inflows into gold-backed exchange-traded funds.
Asian stocks advanced alongside the move in precious metals. The MSCI Asia Pacific Index rose more than 1%, led by technology stocks, after a rally in US stocks late last week helped calm global markets. US stock futures also rose.
Japan remained the focus after the Bank of Japan’s recent rate hike pushed government bond yields to multi-year highs. The yen strengthened after officials warned against excessive currency moves, while higher yields reinforced the shift away from years of ultra-loose policies.
Cryptocurrencies followed the broader risk tone but remained fragile. Traders pointed to low year-end liquidity and persistent leverage as factors keeping rallies in check.
Data from K33 Research shows that long-term bitcoin holders are nearing the end of an extended selling phase, while institutional buyers have begun absorbing bitcoins faster than miners can produce them. Corporate treasuries and ETFs have increased buying even after prices fell more than 30% from October highs.
Cryptocurrencies continue to draw inspiration from the macroeconomic backdrop, helped by expectations of rate cuts and safe-haven demand for gold, but constrained by the aftermath of a deep decline in the fourth quarter.
