Silver Hits a New All-Time High: What Does It Mean for Bitcoin?
Silver soared to $63 per ounce today, marking a new all-time high for the precious metal. In contrast, the cryptocurrency market slipped 2.74% over the past day, with all top 20 coins, except stablecoins, in the red.
This sharp divergence in performance indicates a shift in capital flows. While such moves are often viewed as a classic risk-off signal, some analysts argue that it may indicate the opposite.
Why Are Silver Prices Rising?Silver extended its broader uptrend today, reaching yet another milestone as it climbed to a fresh record high during early Asian trading hours. Companies Market Cap data shows silver sits sixth among global assets with a $3.5 trillion market cap.
According to recent commentary from The Kobeissi Letter, the metal is now on pace to record its strongest 12-month performance since 1979.
“The current rally in Silver prices makes 2020 and 2008 look like a rounding error. A new era of monetary policy is coming,” the post read.
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