Bitcoin's attempt to return to an all-time high was thwarted, as after trading just below $124,000 before the opening of the American stock market, bitcoin dropped below $121,000 after an hour and a half of trading. At the same time, a pullback occurred in the gold markets, but not in silver.

On Thursday, for the first time in history, the price of silver increased by 50% from its April lows and reached $50 per ounce. Reaching this level triggered a quick profit-taking, which caused the price to drop by about 4% to $48.55 in a matter of minutes.

In the short term, the dynamics looks unstable, as technical indicators indicate a growing overbought market.

In the medium term, the desire to maintain ranges above $50 should continue, of course, if the macroeconomic situation and real profitability remain favorable," wrote a senior market analyst. Capital.com Daniela Sabine Hathorn.

Gold, in turn, declined by 1% from the level of $4,100 per ounce to the current $4,035.

Smaller cryptocurrencies showed an even greater decline: ether fell 3.5% to $4,300, while BNB and DOGE lost 3-4% of their value.

Against this background, the market share of bitcoin has reached its maximum value in almost eight weeks, which indicates that traders are returning capital to the main cryptocurrency.