Major cryptocurrencies fell this month as gold and silver surged, highlighting a shift toward traditional safe-haven assets.
Bitcoin dropped more than 9% in November, falling below $100,000. Other major tokens also declined: Ether (ETH), Solana (SOL), and Dogecoin (DOGE) fell 11–20%, while XRP lost just over 7%.
The drop comes even as the U.S. dollar index (DXY) lost momentum, which normally supports crypto prices. In contrast, gold rose 4% and silver 9%, with other metals like palladium and platinum also gaining.
Analysts say the crypto sell-off is due in part to exhausted bullish catalysts. Greg Magadini, director of derivatives at Amberdata, noted that after recent government and economic events, “risk assets are selling off as all the ‘good news’ has been priced in.”
Concerns over credit risk also weigh on digital assets. Many digital asset treasuries (DATs) use credit markets to fund crypto purchases. If credit tightens, they may need to sell holdings, triggering further price declines, especially in volatile altcoins.
Gold and silver gains are linked to rising government debt and fiscal uncertainty. Japan’s debt-to-GDP ratio exceeds 220%, the U.S. is above 120%, and many European countries face high debt burdens. Robin Brooks from Brookings said the metals rally reflects “profoundly broken fiscal policy,” particularly in the Eurozone.
Historically, Bitcoin tends to lag gold by about 80 days, suggesting a possible rebound once the precious metals rally slows. Whether this pattern continues in the current environment remains uncertain.
