Bitcoin briefly climbed back above $90,000 ahead of the U.S. market open but was unable to hold the level, easing lower as risk assets broadly advanced during the American session.
Crypto markets remained muted, with bulls largely staying on the sidelines as the debasement trade continued to favor traditional assets. Gold was the standout on Monday, jumping 2% to a fresh record high of $4,475 per ounce. Silver gained 1.6% and earlier touched its own all-time high just below $70 per ounce.
By midday in New York, the Nasdaq and S&P 500 were each higher by around 0.6%, while the U.S. dollar index was down 0.3%.
After surging past $90,000 during Asian and European trading hours, bitcoin (BTC) pulled back toward the $89,000 area. Although still higher over the past 24 hours, it continued to lag most major asset classes. Ether (ETH), Solana (SOL) and XRP were also in positive territory, but each retreated from highs reached before U.S. markets opened.
AI exposure drives crypto equity gains
Within crypto-related stocks, companies tied to AI infrastructure and high-performance computing outperformed sharply. The sector received an additional boost after Alphabet announced a $4.75 billion acquisition of AI infrastructure startup Intersect, saying the deal would accelerate the rollout of data center capacity and energy development.
Hut 8 (HUT) led the group with gains of 17.5%, while IREN (IREN), Cipher Mining (CIFR) and Bitfarms (BITF) rose between 5% and 10%.
Elsewhere in the space, Circle (CRCL), Coinbase (COIN), Bullish (BLSH) and Galaxy Digital (GLXY) climbed 2%–4%, while bitcoin treasury bellwether Strategy (MSTR) edged up just 0.3%.
Bitcoin still overshadowed by metals rally
Analysts at ByteTree reiterated that bitcoin and the broader crypto market are unlikely to outperform until the powerful bull run in precious metals begins to fade.
While bitcoin has still beaten metals over the past several years, the firm noted that silver’s parabolic rally has now nearly matched BTC’s cumulative return over the last eight years.
