Διαβάζοντας τον Κύκλο του Hot Money: Από τα Crypto στον Χρυσό και στους Ημιαγωγούς

Markets move in cycles. This is one of the few statements about price behavior that is rarely disputed. Yet the speed and shape of the current rotation between major asset classes are unusual enough to deserve close attention. Market analyst James Van Straten describes a striking sequence: bitcoin climbing from around fifteen thousand dollars to over one hundred and twenty-six thousand between late 2022 and late 2025, gold staging a delayed but parallel rise from two thousand to more than five thousand dollars per ounce by early 2026, and capital then pivoting sharply toward AI infrastructure and memory chip stocks.

Η ταχύτητα της τρέχουσας περιστροφής

The figures tied to this latest phase are extreme. Memory semiconductor maker Micron went from a valuation of roughly seventy billion dollars about a year ago to a market capitalization exceeding one trillion dollars. NVIDIA has reached new highs near two hundred and twenty-five dollars per share. These are not gradual price adjustments — they are the kind of vertical moves that have historically marked the late stages of a thematic mania, even when the underlying fundamentals are real.

What makes the current cycle particularly interesting is its compression. In previous decades, the rotation between major themes — commodities, internet stocks, housing, emerging markets &