Gold Hits New Record as Bitcoin Stalls, Revealing a Familiar Market Trend

On March 17, 2025, gold has achieved a new all-time high, surpassing $3,025 per ounce, marking an impressive 15% increase since the beginning of the year. Meanwhile, Bitcoin (BTC) has struggled, falling 10% year-to-date.

Gold’s rally has been fueled by a combination of factors, including substantial investments in gold exchange-traded funds (ETFs) and its longstanding role as a safe-haven asset amid global geopolitical uncertainties. Additionally, potential new tariffs under President Trump have added to demand for U.S. equities, further strengthening gold’s momentum. With a 40% year-over-year increase, gold is far outpacing Bitcoin’s 16% growth during the same period.

Historically, when gold experiences a bull market, Bitcoin often takes a backseat or even declines. Although there are occasional instances when both assets rise or fall together, these periods are rare. In the rally from early 2019 to 2020, gold led the market, while Bitcoin followed in the latter part of 2020, launching into its own bull run as gold’s upward momentum slowed. By 2022, as global interest rates rose, both assets faced downward pressure before rebounding in 2023 and 2024. Now, in 2025, the two assets are diverging once again.

Charlie Morris, founder of ByteTree, has called this gold rally a “proper gold rush,” comparing it to the last such event in 2011. He explained, “Gold above $3,000, silver above $24, and gold stocks gaining momentum—it struck me that the crypto community has never seen a true gold rush. The last time this happened was in 2011, when Bitcoin was just emerging at $20. They will now witness it firsthand.”