In the midst of significant developments spanning various markets and industries, tangible assets such as gold, silver, and cryptocurrencies appear poised on the brink of a substantial bullish cycle, as indicated by a leading crypto trading expert who deems them essential components of investment portfolios.
Prominent crypto analyst Michaël van de Poppe recently underscored the "remarkably low valuations of Crypto & Gold, Silver compared to the Dollar & Equities," suggesting an impending surge in hard assets, including commodities. In a recent post on May 22, he recommended investors to consider accumulating these "hard assets" – crypto, gold, and silver – given their current affordability relative to the US dollar and stocks, hinting at the imminent onset of a significant bullish trend based on chart patterns.
Presently, gold is traded at $2,364.39 per ounce or $76,016.82 per kilogram, reflecting a 0.75% decrease over the day and a 0.83% decline over the week, yet still registering a 2.85% increase on the monthly chart as of the latest data retrieved on May 23.
Similarly, the price of silver currently stands at $30.52 per ounce or $981.36 per kilogram, marking a 1.29% decline over the past 24 hours, but recording a 4% rise over the week and a significant 13.72% gain over the month.
Regarding digital assets, van de Poppe previously noted Bitcoin's "gradual consolidation," anticipating a retest of the $68K level before a potential upward continuation, emphasizing the prevailing upward trend. Currently, Bitcoin is trading at $69,730, with a slight 0.49% loss on its daily chart, yet maintaining a 5.07% gain over the week and a 5.52% increase over the month.
Additionally, van de Poppe highlighted the undervaluation of altcoins like Ethereum (ETH), noting that most were "down 70% against Bitcoin," and expressing optimism for their performance "in the coming months," as outlined in his post on May 21.
May 2024, Cryptoniteuae