Cryptocurrency bulls are once again watching from the sidelines as downgrade trading continues and risk assets generally rally broadly during the US trading session.
Monday’s top commodity is gold, which is up 2% to a new all-time high of $4,475 an ounce. Silver is up 1.6% and previously hit its new high of just under $70 an ounce.
Just after noon on the East Coast, the Nasdaq and S&P 500 each gained 0.6% and the US Dollar Index fell 0.3%.
After surpassing $90,000 during the Asian and European trading sessions, bitcoin has retreated closer to $89,000, still ahead in the last 24 hours, but still underperforming most major asset classes.
Ether solarium and also in green on Monday, but have also retreated from the highs reached before the US trade opening.
AI trading remains strong
A review of cryptocurrency-related stocks shows that bitcoin miners that have pivoted to business models to focus on artificial intelligence infrastructure and high-performance computing vastly outperformed on Monday.
Contributing to the mood in that sector was the deal for Alphabet (GOOG) to acquire artificial intelligence infrastructure startup Intersect for $4.75 billion. “The acquisition,” Alphabet said, “will enable more data centers and generation capacity to come online faster, while accelerating energy development and innovation.”
Hut 8 (HUT) leads the gains with a 17.5% advance. IREN (IREN), Cipher Mining (CIFR), and Bitfarms (BITF) are posting gains of 5% to 10%.
In other crypto sectors, Circle (CRCL), Coinbase (COIN), Bullish (BLSH), and Galaxy Digital (GLXY) are ahead by 2% to 4%, and the leading bitcoin treasury strategy (MSTR) is up just 0.3%.
Bitcoin May Not Recover Until Gold Cools Down
“I reiterate the point that bitcoin and cryptocurrencies are unlikely to shine until this precious metals bull market stops,” ByteTree analysts, led by Charlie Morris and Shehriyar Ali, said in a Monday report.
They noted that despite current trends, Bitcoin has outperformed the metals sector in recent years.
However, silver, with its current parabolic rally, has nearly matched BTC’s performance over the past eight years.
Read more: Why gold is beating Bitcoin in 2025: liquidity, trading and trust
