Bitcoin may soon join the current surge in the commodity market alongside Gold and Silver, as the digital gold is now available for trading on Wall Street through spot Bitcoin ETFs.

The commodities market is experiencing a robust rally, with precious metals like Gold and Silver achieving new record highs recently. Gold, in particular, has been a standout performer in the global financial landscape, hitting an unprecedented peak against the USD. Consequently, market analysts are closely monitoring the performance of Digital Gold, also known as Bitcoin.

Today, on Monday, the price of Gold surged to $2,450 per ounce, driven by ongoing geopolitical developments in Iran and expectations of a dovish stance by the Fed on interest rates. Additionally, sustained demand from central banks has contributed to a 30% surge in gold prices this year.

Silver Sees Notable Breakout

Silver (SILVER) has taken center stage on Monday, reaching an 11-year high above the significant $30 mark. This surge is attributed to its safe-haven characteristics, the weakening U.S. dollar, and its industrial applications.

Investors are flocking to silver and other precious metals as a hedge against prevailing geopolitical uncertainties. Looking forward, silver is poised to benefit from rising industrial demand, with the Silver Institute's World Silver Survey anticipating a 9% increase in industrial usage this year, driven by the expanding utilization of silver in renewable energy sectors.

In the medium term, attention should be paid to a potential move towards the $35 level, which could present resistance due to a crucial multi-year horizontal line from notable highs in 2011 and 2012. A decisive breakthrough above this level might lead to a retest of the record high at $47.71 set in April 2011.

Prospects for Bitcoin's Performance

Amid the recent surge in silver prices, Bitcoin lags behind. Bitcoin currently trails by $500 billion to match Silver's $1.8 trillion valuation and secure the eighth spot among global commodities. To bridge this gap, Bitcoin would need to surpass $93,000, provided silver maintains stability at that time.

Bitcoin analyst Dylan LeClair has previously noted that Bitcoin often doubles in value within months of reaching new highs, particularly around halving events. Galaxy Digital's CEO, Mike Novogratz, anticipates Bitcoin to consolidate between $55,000 and $75,000 in the coming month, with potential for an upswing towards the end of the second quarter.

As traditional markets reach new peaks and gold and silver shine, the importance of safeguarding against inflation has become increasingly evident. Bitcoin, now fully regulated and tradable on Wall Street, has solidified its position as a legitimate asset in the financial landscape.