Bitcoin (BTC) has managed to outperform gold by a wide margin in September amid growing market volatility caused by rising bond yields and oil prices.
The largest cryptocurrency is outperforming gold at a time when rising bond yields are weakening the appeal of the yellow metal.
As a non-yielding asset, gold performs best when interest rates and bond yields are low. Earlier in September, the U.S. Federal Reserve raised interest rates for the first time in three years.
The combination of rising yields and interest rates is exerting downward pressure on gold’s price, which has fallen 10% in September. A strengthening U.S. dollar is also hurting gold.
In contrast, Bitcoin’s price has risen 7% in September and is currently trading at $84,300 U.S. Since the end of August, BTC has gained about 30%.
With a 40% gain in this year’s third quarter, Bitcoin has not only outperformed gold, but the benchmark S&P 500 stock index and every other major asset group.
With Bitcoin’s price remaining above $80,000 U.S. despite increased market volatility, analysts say that a move back above $100,000 U.S. is now in play for the digital asset.
On Wall Street, options traders are positioning for more Bitcoin gains as we enter the fourth and final quarter of the year.
Currently, traders are betting that Bitcoin’s price will top $90,000 U.S. in coming weeks. A rising number of bets see Bitcoin’s price reaching $100,000 U.S. by year’s end.
Bitcoin’s all-time high of $126,000 U.S. was achieved in October 2025.
