BNB, SOL, XRP Spike Higher as Bitcoin 'Digital Gold' Narrative Makes a Comeback
Surging gold prices and bitcoin’s (BTC) relatively strong price action amid a global market sell-off have some traders revisiting the latter’s role as “digital gold” — a big narrative in bitcoin’s early years but one that has lost steam in recent times.BTC zoomed above $87,000 in Asian morning hours, with Cardano’s ADA, BNB Chain’s BNB, XRP and ether (ETH) adding as much as 1.5%. The spike reversed all declines since Thursday, with tokens such as Solana’s SOL up 5.2% in the past week.The tariff-driven trade wars have sparked fears of inflation and currency devaluation, prompting comparisons of the asset to gold’s historical role as a hedge.“Although bitcoin has had a close correlation with U.S. equities, it seems to be changing with a stronger tie to the rise of the price of gold, which has been a safe haven while equities have plummeted,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message on Monday.“Bitcoin crossed $87,000 as a sign of renewed investor confidence as the market continues to stabilize after panicking over tariffs.
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Published: April 21, 2025
