Correlation Between Bitcoin and Gold Prices Rises to 76%
Over the past few months, the correlation between Bitcoin and gold prices has surged to a new high in 2023, following bullish closures and the approval of a spot Bitcoin ETF. The correlation between Bitcoin and gold has historically exhibited significant fluctuations in the realm of digital assets. This implies that the prices of these two assets mostly move independently, and when one rises, the other may not necessarily follow suit. However, after the market crash that occurred at the onset of the COVID-19 crisis in 2020, their correlation became tighter, and it is now approaching historical levels once again. Currently, the correlation between Bitcoin and gold stands at 0.76 (or 76%). A correlation of 1 indicates a perfect positive correlation between two variables, in this case, the prices of Bitcoin and gold (while -1 represents perfect negative correlation). Although the correlation between Bitcoin and gold has not reached its historical peak, it is now getting closer.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
About 700,000 BTC have flowed out of exchanges in the past year.
Korean retail investors shift to the US in Q3: Sold over 5.5 trillion won of Korean stocks, purchased more than 10 trillion won of US stocks
In the third quarter, Korean retail investors made net purchases of US stocks worth approximately 10.15 trillion won, marking a complete reversal from the previous pattern in the first half of the year, when they made net purchases of nearly 100 trillion won in KOSPI stocks. In September alone, the sell-off amount reached as high as 14.2 trillion won. Analysts attribute this shift to a combination of factors: a sharp decline in KOSPI at high levels, the continued strength of the US stock market driven by AI themes, and the appreciation of the Korean won reducing currency exchange costs.
Copper prices approach historic highs! UBS remains bullish: "Still most optimistic"
Crypto prices
More
