Spot gold last week hit its highest price level since Jan. 8 after dipping to as low as $1,680 in early March.

In the aftermath of the Mid-May crypto market sell-off, gold has seen significant price recovery.

Gold prices continued to inch higher on Tuesday, hitting $1,887 per ounce at 3:00 am EDT, according to data from TradingView.

Last week, gold reached its highest price level since Jan. 8 at $1,889, marking a four-month high after gold prices dipped to $1,681 in early March. At the time of writing, spot gold is trading at $1,882, up around 0.1% over the past 24 hours.

Spot gold year-to-date chart. Source: TradingView

The accelerated growth of the gold market came along with a major downturn in cryptocurrency markets that started on May 12. After topping above $2.5 trillion, the total crypto market capitalization started seeing consecutive slumps, eventually sinking below $1.3 trillion on Sunday, according to data from CoinMarketCap.

Total crypto market cap 30-day chart. Source: CoinMarketCap

According to Bob Haberkorn, a senior market strategist at brokerage firm RJO Futures, growing gold prices could be attributed to a weaker dollar accompanied by lower United States Treasury yields. “If the data comes out substantially better than expected, that would probably be bearish for gold because the likelihood of a Fed taper will be sooner rather than later,” he said.

A number of financial analysts have drawn parallels between the trends in the crypto and gold markets, with JPMorgan experts suggesting last week that large institutional investors were dumping Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>BTC) in favor of gold.

According to the bank, the new trend reversed a major bullish market driving cryptoprimacy.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq/amp”>Bitcoin’s price above $64,000 in mid-April. At the time of writing, Bitcoin is trading at $37,111, rebounding after touching $30,000 last Wednesday.