Metals are hot, and Bitcoin’s not, much to the chagrin of the crypto sector. Silver peaked above a record-high $120 per ounce in the early hours of trading on Thursday, and gold also rose to a record price of about $5,600. Meanwhile, Bitcoin is down below $85,000, plummeting about 33% since its all-time high in October, according to data from Binance.
This trend comes as investors are hedging against a weakening dollar and pivoting away from traditional assets. This is supposed to benefit Bitcoin, but metals have been pocketing the gains. Several macroeconomic factors have led to risk-off purchases, including rates staying steady in the U.S. on Wednesday, and President Trump pressuring Iran this week to negotiate its nuclear deal, threatening another strike on the country.
“Silver has scarcity and industrial utility driving demand, while Bitcoin is being treated as a risk asset without a compelling new catalyst,” said Jake Ostrovskis, Head of OTC at Wintermute.
Silver’s success has also sparked a hand-wringing on social media where users are posting 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 was replacing the old system. Outperformed by my 92 year old grandma holding gold and silver.”
Spent 2025 convincing family that Bitcoin was replacing the old system
— Bitcoin Teddy (@Bitcoin_Teddy) January 29, 2026
Outperformed by my 92 year old grandma holding Gold and Silver. pic.twitter.com/OYhmVNbgqy
Bitcoin isn’t the only cryptocurrency to stumble. Ethereum is down 3% since Wednesday to its current price of $2,932, and Solana is down about 4% during that time to its price of about $123, according to Binance.
Gold has been a better investment than Bitcoin over the long term. The price of the metal has grown roughly 183% in the last five years, outperforming the original cryptocurrency, which has risen about 147% during that time.
One analyst stressed the bleak outlook of Bitcoin, at least in the short term. “While surveys suggest institutional investors are still bullish over the long term, fears are growing that Bitcoin is entering a bear market – with a large proportion of institutional investors believing it may already be in one,” said Nic Puckrin, investment analyst at Coin Bureau.