Why Silver’s Surge Echoes Crypto Altcoin Season: Bitwise Exec
The same dynamic that drove investors toward NFTs and smaller coins during the pandemic-era crypto boom is currently playing out with gold and silver, according to Bitwise CIO Matt Hougan.
As the precious metals scale new heights, he told Decrypt that investors appear to be rotating profits from one asset to the other in a way that parallels previous spillovers in crypto, where investors trimmed profitable positions in search of greater gains.
“What you’re seeing in these other metals like silver is just a classic altcoin cycle in metals,” Hougan said. “They made money in gold, now they’re going out the curve.”
With an estimated market cap of $34 trillion, the price of gold has surged 80% over the past year,…
