Key Takeaways
- Gold has continued to surge in price as we head towards the beginning of 2026.
- Bitcoin, meanwhile, has continued to suffer a significant fall.
- Market opinion is split on whether Gold or Bitcoin will be the winner entering the new year.
The global precious metals market is extending its record-setting rally as Bitcoin (BTC) and other cryptocurrencies continue to lose momentum.
As we approach the end of 2025, the widening gap between digital and tangible assets is prompting investors and analysts to ask where they should take refuge in the new year.
Gold Extends Record Run
Spot gold traded above $4,000 per troy ounce in early November, marking a new all-time high amid surging demand for safe-haven assets.
Silver followed suit, climbing to nearly US$49 per ounce, supported by both investment and industrial demand.
The rally in metals reflects investor anxiety over political and fiscal uncertainty, coupled with expectations of slower monetary easing by the U.S. Federal Reserve.
The central bank’s 25-basis-point rate cut on Oct. 29 helped underpin gains, though Chair Jerome Powell’s caution on further cuts added a note of volatility.
Central banks have also been major buyers of gold throughout 2025, expanding reserves and fueling structural demand.
Analysts at Goldman Sachs and J.P. Morgan forecast further gains through mid-2026 if these dynamics persist.
Bitcoin Slumps
The crypto market has sharply diverged from gold’s performance.
Bitcoin has dropped roughly 20% from its all-time high, trading just below $106,000 as of early November.
Technical indicators suggest continued weakness, with analysts warning that a decisive close below key support at $106,500 could trigger a deeper correction, potentially targeting the $85,000–$ 94,000 range.
According to CCN analyst Valdrin Tahiri, the overall crypto market has fallen below major support levels, signaling the start of a potential long-term correction phase.
Altcoins have seen even steeper declines, with total crypto market capitalization dropping to $3.5 trillion, down 20% from its peak.
Despite the downturn, data from Bitinfocharts shows that small retail investors continue accumulating BTC, even as institutional sentiment appears to turn cautious.
Gold or Bitcoin in 2026?
Market veterans are increasingly positioning on opposite sides of the gold–Bitcoin divide.
In a recent X post, long-time gold advocate Peter Schiff noted that Bitcoin has fallen 32% against gold since August, calling it the beginning of a “brutal bear market” for digital assets.
As usual, he urged investors to rotate into gold to preserve capital.
“Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold,” Schiff said in a separate post.
CCN analyst Valdrin Tahiri added that gold’s outperformance over Bitcoin in 2025 was “a no-brainer,” arguing that the metal’s rally compared with Bitcoin’s leaves little doubt about which asset has the upper hand.
“Gold has outperformed Bitcoin this year, rallying by 52% relative to Bitcoin’s 11%, hence it has the advantage in recent performance,” Tahiri told CCN.
He added that the sentiment gap between the two assets reflects their different risk profiles.
“While Bitcoin investors are used to outsized returns because of the higher perceived risks of holding BTC, gold investors are the opposite,” he said. “Because of its lower risk, even a slight underperformance by gold relative to Bitcoin can be seen as positive.”
“The fact that gold has outperformed Bitcoin by more than four times makes it a no-brainer pick for the better asset.”
However, opinions remain split.
Tony Edward, host of the Thinking Crypto podcast, believes that liquidity shifts could favor Bitcoin again in 2026.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
