The Gold price has hit a historic high of over $5,000 per ounce, driven by investor concerns over the US Dollar’s decline. Gold is up almost 20% in the last 24 hours, trading at $4,987. Meanwhile, Bitcoin and Ethereum remain below critical levels.

A single trader on the Bybit exchange deposited 7 million USDT and withdrew 843 XAUT, worth $4.17 million, signalling growing interest in tokenized gold. Lookonchain flagged the significant transaction, noting it as one of the largest tokenized gold moves recently.

Gold’s rally outpaces leading cryptos, with Ethereum at $2,958 and Bitcoin at $89,615. The US Dollar has lost nearly 50% of its value relative to gold over the past year, the largest drop in US history, fueling a rush into precious metals.

Analysts predict gold could reach $5,400-6,000, supported by the dollar’s weakness and broader commodity pressures. Billionaire Robert Friedland warns of impending copper supply shortages, underscoring the scarcity pressures affecting multiple commodity markets, including precious metals.

The surge in gold prices presents both opportunity and risk, with potential institutional moves into tokenized gold. Gold’s role as a hedge against volatility in cryptocurrencies and fiat currencies remains critical in the current macro environment.

Read more at Yahoo Finance: Trader Considers $4 Million Payday as Gold Price Surges Past $5,000