Bitcoin and Ethereum remain two of the most valued cryptocurrencies on the market. Are they performing better than gold and silver?
At BeInCrypto, we aim to answer these questions by comparing all four in our weekly cryptocurrency vs. precious metals price analyses. We examine each asset individually and then rank them based on their relative gains or losses in the summary.
What’s Going on With Gold?
We begin our analysis by looking at gold.
The price of Gold ($/OZ) is analyzed at two-hour intervals from Apr 22 to 30.
The price of gold made a low of $1268 on Apr 23. A gradual increase ensued, and the price made a high of $1279 the following day.
The price has been alternating between gradual decreases and sharp increases. It has made highs of $1283 and $1288 on Apr 25 and Apr 29 respectively, before beginning a gradual decrease.
The price has touched both the resistance and support lines four times.
It has been trading inside an ascending broadening wedge.
The highlighted part is the price during the week of Apr 23-30, during which it has enjoyed price increases.
The price is currently trading near $1285.
Don’t Forget Silver
The price of Silver ($/OZ) is analyzed at six-hour intervals from Jan 21 to Apr 30, 2019 in order to trace the current pattern. The highlighted part is the price during the week of Apr 23-30, during which it has enjoyed a very slight decrease:
The price of silver reached a high of $16.2 on Jan 29. It reached the same level on Feb 19. This created a double top pattern.
A sharp decrease ensued and the price reached lows close to $14.9 on Mar 3.
It is now trading near the end of a descending wedge. Fluctuations are growing significantly smaller.
Currently, the price is trading near $15.
A Look at Bitcoin
BTC/USD is analyzed at four-hour intervals from Apr 7 to Apr 27 in order to trace its current pattern. This is shown in the graph below.
The highlighted part is the price during the week of Apr 23-30, during which Bitcoin enjoyed a slight increase:
The price of Bitcoin made a high of $5335.50 on Apr 3. Since it has been alternating between gradual increases and decreases inside an ascending channel.
At the time of writing, the highest price recorded during this period was $5690. It was reached on Apr 24. However, a sharp decrease brought the price down to $5055 the next day.
Currently, the price is trading in the middle of the channel.
The most recent touch of the support line occurred on Apr 25 when a wick broke through the support line. However, Bitcoin immediately rebounded back into the trading pattern.
And Finally, Ethereum
ETH on Bitfinex is analyzed at four-hour intervals from Apr 5 to Apr 30 in the graph below. The highlighted part is the price during the week of Apr 23-30.
Over the last week, the price of ethers has decreased significantly.
The price of Ethereum made a high of $184 on Apr 8. It reached a similar level on Apr 9, creating a double top pattern. A sharp decrease ensued, and the price dropped to the support line on Apr 11. It recovered slightly before falling back to the resistance four days later.
Thereafter, a gradual increase took Ethereum to $176. These higher lows give us the resistance line required to complete the descending channel.
SImilar to the double top on Apr 9, the price decreased sharply, dropping to lows of $148 on Apr 26.
It is currently trading near $164.
The price of ETH (candlesticks), BTC(blue), Gold (yellow) and Silver (purple) is compared at one-hour intervals from Apr 23 to Apr 30.
The right-hand scale presents the percentage increase/decrease of the three assets during the month of April.
Bitcoin and gold both saw prices increase over the period. Neither increase, however, was very significant. During the last week, Bitcoin’s price rose by 1.37% while gold rose by only 0.66%.
This makes Bitcoin this week’s winner while gold gets a second place consolidation prize.
On the other hand, Ethereum was the week’s biggest loser—decreasing by 4.14%. Silver also saw losers, but they were much less extreme.
|Third Place||Silver||Precious Metals||-0.30%|
We can see that the price of Ethereum is mirroring that of BTC. However, the fluctuations have been larger. This has been especially true during the sharp drop on Apr 26.
Furthermore, the price of silver seems to be mirroring that of gold. The fluctuations during rises have been similar. However, silver has enjoyed more pronounced decreases, especially visible during the drop on Apr 23.
However, the price of gold is trading inside a bearish pattern (broadening wedge) while the price of silver is trading inside a bullish pattern (descending wedge).
Furthermore, based on the price movements of our four assets, we can make the assumption that cryptocurrency is significantly more volatile than precious metals.
Interested in 2019, 2020, and 5 year Bitcoin price predictions? Click on the here:
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.