New York Coin Market Update: Bitcoin Maintains Steady at $88,000 Amid Strong Gold

Source: BlockMedia Original Title: [New York Coin Market/Closing] Gold and Silver 'Bullish', Bitcoin 'Watching'…$88,000 Taking a Breather Original Link: https://www.blockmedia.co.kr/archives/1023574 The New York digital asset market recorded a generally limited upward trend while the gold price showed strength, maintaining a wait-and-see phase. Major coins, including Bitcoin(BTC), showed an upward trend during the day, but after the opening of the U.S. market, they gave back some of their gains due to profit-taking, remaining in a slightly positive range.

Bitcoin briefly surpassed $90,000 during the Asian and European trading sessions, but then reduced its gains during the U.S. session, trading around $88,103. Compared to the previous day, it fell by 0.51%, maintaining a flat position. This shows a relative weakness compared to other major asset classes.

Ethereum(ETH) rose by 0.91% to $3013, aligning with Bitcoin's trend as the second-largest by market capitalization. Additionally, XRP( increased by 0.94% to $1.93, while Binance Coin rose by 1.73% and was traded around $867. Solana) showed a relatively stable movement, rising by 1.29% to $126.77 amid a tech-focused bull market.

Dogecoin(DOGE) rose by 3.77% to record $0.134, showing the most significant upward trend among the top coins by market capitalization. Cardano(ADA) increased by 1.42% to $0.3782, while Tron(TRX) showed a slight decline and exhibited bearish behavior. Bitcoin Cash(BCH) fell by 0.46% to $590.43, indicating a period of consolidation.

The CMC20 index, based on the top 20 cryptocurrencies representing the entire market, recorded a rise of 1.81%, reaching 188.08 points. The total market capitalization of digital assets was approximately $3.02 trillion, an increase of 1.13% compared to the previous day, indicating that, despite the limited upward trend, a certain level of capital inflow is being maintained.

The limited rise in the digital asset market on this day is interpreted as a result of relatively dispersed capital inflow amid the strong trends in the traditional asset market. The price of gold reached a record high of 4475 dollars per ounce, and silver also rose by 1.6%, approaching the 70 dollar mark, showing strong buying pressure in the precious metals market.

The strength of precious metals limits the upward trend led by Bitcoin.

Charlie Morris, the Research Head at ByteTree, and Shehriyar Ali, an analyst, analyzed in their report that “At this point, where precious metals are continuously showing strength, Bitcoin and the digital asset market have limitations in leading a significant rise.” They pointed out that “In the long term, Bitcoin has shown superior performance compared to precious metals, but the recent sharp rise in silver is narrowing this yield gap.”

Joao Wedson(, a market analyst, stated that “In the short term, traders prefer buying positions as they expect the price of Bitcoin to rise,” adding, “However, with liquidity pools forming at the lower price range, there is also the possibility of increased price volatility in the next 24 hours.”

A more structural interpretation is emerging regarding the medium to long-term trend. Market analysis account CryptoTies stated, “The current market is in a phase of excessive undervaluation at the end of a bear market, returning to a balance point,” and added, “This trend represents a consolidation phase that has commonly appeared in past market rebound phases and could serve as a foundation for a long-term upward trend reversal.”

The New York digital asset market is struggling to secure a direction amidst the strong performance of traditional assets, showing a limited rebound. While short-term volatility may increase due to year-end options expiration and reduced liquidity, some experts view the current equilibrium period as a turning point for a long-term trend change, advising strategic responses from a medium to long-term perspective.