The red numbers on the screen are bouncing like a heartbeat, and the trading hall is buzzing. This familiar frenzy makes me think of many moments in history.

As an analyst who has been active in the crypto space for years, yesterday I saw a scene like that at a gold trading center. Young people with bright eyes dreaming of overnight riches; seasoned investors with furrowed brows, hesitant to speak. The differences in mindset between generations are actually the most authentic mirror of market cycles.

Recently, this wave of market movement has been a bit unusual—gold and crypto assets are rising together. Gold has already increased by over 68% this year, approaching a new all-time high of $4,500 per ounce. Crypto assets like SOL haven't been idle either, achieving astonishing gains in a short period.

But behind the celebration, we need to ask a few questions: Can this momentum continue? How can two fundamentally different assets surge in sync?

**Two forces driving the market**

The surge in gold is driven by three factors. First is the Federal Reserve's actions—by December 2025, the third rate cut will be completed, with the federal funds rate lowered to the 3.5%-3.75% range, while launching measures similar to quantitative easing. Lower interest rates significantly reduce the cost of holding gold, and the expectation of dollar depreciation is also strengthened.

Second, central banks worldwide continue to buy gold. Some countries, due to geopolitical considerations, actively shift their reserve assets from dollars to gold. The scale of central bank gold purchases in 2025 is expected to remain high.

Crypto assets follow a different logic. In the context of the Federal Reserve's liquidity release and a looser interest rate environment, risk assets are actually benefiting. Mainstream coins like SOL have gained market attention, with capital inflows accelerating their gains. Although these are different assets, they are all enjoying the dividends of the same loose monetary cycle.