Gold Surges Toward $5,000 as Bitcoin Consolidates and Experts Question Adoption Narrative

2026-01-22 23:22:05

Source: CryptoNewsNet Original Title: Gold surges to doorstep of $5,000 as experts debate bitcoin’s underperformance Original Link: The precious metals rally shows no signs of letting up, while bitcoin and the broader crypto market remain stuck on the sidelines.

Gold rallied another 1.7% to hit $4,930 per ounce on Thursday, while silver added 3.7% to $96 per ounce. Bitcoin, meanwhile, slumped back to just above $89,000, roughly 30% below its all-time high from early October.

Bitcoin and gold inhabit the same world, and bitcoin’s poor price action in recent months had Bianco Research head Jim Bianco wondering whether BTC’s adoption narrative is over.

“The adoption announcements are not working anymore,” Bianco said. “Need a new theme and that’s not evident yet.”

Eric Balchunas, senior ETF analyst at Bloomberg, replied, pointing out that bitcoin is now consolidating after running from below $16,000 at the depths of the 2022 crypto winter to its $126,000 peak in October.

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