TradingKey - Precious metals are gradually weakening, while the crypto market continues to rebound and strengthen, opening a new window for risk assets.
On March 17 (GMT+8), the crypto market rallied collectively and continued to strengthen, while precious metals remained weak, with the gap between the two widening. This morning, Bitcoin ( BTC) surged over 4%, breaking through $75,000; Ethereum ( ETH) soared more than 8%, surpassing $2,300, while spot gold ( XAUUSD) and silver ( XAGUSD) fluctuated slightly around the $5,000 and $80 levels, respectively.
Since March 9, Bitcoin and Ethereum prices have seen an eight-day winning streak, breaking through key resistance levels of $74,000 and $2,200, respectively, laying the foundation for further gains. Over the past eight days, Bitcoin has gained approximately 14%, while Ethereum has performed even more strongly, soaring over 20%.
Bitcoin price chart, source: TradingView
During the same period, the precious metals market underperformed, with both gold and silver prices retreating to important psychological levels after a rebound. Specifically, gold prices briefly fell below $5,000 from $5,200, a cumulative decline of 4%; silver prices dropped from $90 to around $80, a cumulative decline of 10%.
Gold price chart, source: TradingView
Since the start of 2026, the trends of the crypto market and the precious metals market have generally diverged. In January, gold and silver prices continued to surge to new highs, while Bitcoin and Ethereum plummeted after a brief rebound; in February, gold and silver rallied again to challenge previous highs but ultimately failed; meanwhile, Bitcoin and Ethereum remained largely range-bound; entering March, gold and silver weakened, while Bitcoin and Ethereum gradually rebounded to break through key resistance.
Although Bitcoin is regarded as "digital gold," it lacks gold's safe-haven attributes and continues to exhibit the characteristics of a risk asset, which was clearly demonstrated during the tensions in the Middle East. Consequently, as safe-haven demand decreased and gold prices retreated, some capital shifted to the crypto market, allowing Bitcoin and Ethereum prices to break out of their slump and gradually climb higher.
As the divergence between the crypto market and the precious metals market becomes more pronounced, investors' risk appetite is gradually rising. The former is gaining popularity while the latter continues to see outflows. This favors continued strength in Bitcoin and Ethereum prices, while acting as a headwind for gold and silver, potentially leading them to continue fluctuating or even break below key support levels.
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