BNB, SOL, XRP Jump Amid Resurgence of Bitcoin’s ‘Digital Gold’ Narrative

Bitcoin’s Surge Above $87K Revives ‘Digital Gold’ Talk Amid Global Market Uncertainty

As global markets face increasing turmoil, Bitcoin (BTC) is making a strong comeback, with some traders once again calling it a “digital gold” amidst growing concerns about inflation and currency devaluation. Bitcoin’s price surged above $87,000 on Monday, driven by renewed interest in the asset as a hedge against broader financial instability, drawing parallels to the historical role of gold.

In early Asian trading, Bitcoin reached over $87,300, recapturing its recent losses. Other major cryptocurrencies, including Cardano’s ADA, BNB Chain’s BNB, XRP, and Ether (ETH), rose by as much as 1.5%, while Solana (SOL) saw a 5.2% gain for the week. These increases came after a tumultuous week in global markets, where concerns about trade wars and economic disruptions drove volatility.

The revival of Bitcoin’s “digital gold” narrative follows a spike in gold prices, which reached new highs above $3,380 per ounce, up 25% for the year. Traders are seeking safe-haven assets as fears over inflation mount, largely due to the U.S. tariff-induced trade wars. Bitcoin’s ability to weather market volatility has led some to view it as a new form of digital gold.

“Bitcoin’s growing correlation with gold is clear. While it’s often moved in tandem with U.S. equities, we’re now seeing a stronger connection to gold, especially as gold prices surge amid the market chaos,” said Nick Ruck, director at LVRG Research. “The rise above $87,000 signals that investors are regaining confidence, with Bitcoin emerging as a viable hedge against traditional market instability.”

Despite a 20% drop from its January peak of $108,000, Bitcoin’s Monday surge marked its highest price since early April, when market sentiment took a hit after President Trump’s tariff announcements.

The U.S. dollar’s weakness has added fuel to the fire, with the dollar index (DXY) dropping to a three-year low. Analysts are speculating that most of the bad news has already been priced in, leaving Bitcoin with significant upside potential.

“Trump’s ongoing push to replace Jerome Powell as Fed Chair and implement rate cuts is driving the sell-off in the U.S. dollar and U.S. government debt,” said Jeff Mei, COO at BTSE. “With more money entering the system and devaluing the U.S. dollar, we could see Bitcoin benefit as a safe-haven alternative, alongside gold and European bonds.”

Technical Market Overview:

Cardano (ADA) Price Analysis:

• ADA is trading above 63 cents with strong technical momentum suggesting the possibility of further price increases despite macroeconomic challenges.
• An ascending price channel is forming, with $0.612 as a strong support level that has held firm after multiple retests.
• A volume spike on April 21 saw the price surpass key resistance at $0.630. The next target for ADA is $0.64, as indicated by Fibonacci extension levels.
• RSI is not yet in overbought territory, which implies room for continued upward movement.

XRP Price Forecast:

• XRP has recently broken out of its extended consolidation pattern, signaling a potential new bullish phase.
• Fibonacci retracement levels suggest that XRP could move toward $2.15, with $2.18 serving as the next major resistance level if bullish momentum continues.

Solana (SOL) Market Action:

• Solana has broken through the key $135 resistance, jumping 10.2% and establishing new support levels. Strong volume confirms the bullish trend.
• A technical battle is unfolding between the $129 support level and $144 resistance, with significant volume concentrated at these points.
• An ascending channel is evident, with higher lows and higher highs, particularly in the April 19-21 rally period.
• Momentum indicators show bullish divergence, indicating a potential continuation of the upward movement.

Binance Coin (BNB) Price Movement:

• BNB surged 3.2%, breaking the $600 resistance as large holders continue to accumulate during market volatility.
• A recent quarterly token burn of 1.57 million BNB, worth over $1 billion, has helped support price growth.
• Open interest in BNB increased by 3.3% to $760 million, with 68% of traders betting on further price increases.
• Fibonacci extension levels suggest that BNB could continue its rise toward the $605-$610 range if the current momentum holds.

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