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Metals are hot, and Bitcoin is not, much to the dismay of the crypto sector. Silver rose to a record high of $120 an ounce in early trading hours on Thursday, and gold also rose to a record price of around $5,600. Meanwhile, Bitcoin below $85,000, down about 33% since the all-time high in October, according to Binance.
This trend comes as investors are hedging against a weakening dollar and moving away from traditional assets. This should benefit Bitcoin, but metals are pocketing the gains. Several macroeconomic factors led to risk purchases, including rates that remained steady in the US on Wednesday, and President Trump pressed Iran this week to renegotiate its nuclear deal, threatening another strike on the country.
“Silver has scarcity and industrial utility driving demand, while Bitcoin is considered a risk asset without a compelling new catalyst,” said Jake Ostrovskis, Head of OTC at Wintermute.
Silver’s success also sparked a hand-wringing on social media where users posted sardonic memes about Bitcoin’s stumbles. One tweet read, “when you were right about currency debasement but bought Bitcoin instead of gold, silver, or copper.”
When you were right about currency debasement but bought bitcoin instead of gold, silver or copper pic.twitter.com/jN35WsQi0N
— Boring_Business (@BoringBiz_) January 25, 2026
Another tweet read, “Spent 2025 convincing family that Bitcoin replaced the old system. More than my 92 year old grandmother holding gold and silver.”
It took 2025 to convince the family that Bitcoin replaced the old system
More than my 92 year old grandmother holding Gold and Silver. pic.twitter.com/OYhmVNbgqy
– Bitcoin Teddy (@Bitcoin_Teddy) January 29, 2026
Bitcoin is not the only cryptocurrency to stumble. Ethereum down 3% since Wednesday to its current price of $2,932, and Solana decreased about 4% during that time to its price of about $123, according to Binance.
Gold is a better investment than Bitcoin in the long term. The price of the metal has grown by almost 183% in the last five years, surpassing the original cryptocurrency, which rose by 147% during that time.
One analyst highlighted the bleak outlook for Bitcoin, at least in the short term. “While surveys suggest that institutional investors are still stable in the long term, fears are growing that Bitcoin has entered a bear market – with a large proportion of institutional investors believing that it may be in one,” said Nic Puckrin, investment analyst at Coin Bureau.
