• Bitcoin and gold have the highest correlation in over a year, with a 93% correlation between the two assets.
• Gold is currently on the verge of an all-time high of $2k an ounce.
• The correlation between BTC and gold has been strong throughout 2022, with a one-year high of 93%.
The relationship between Bitcoin and gold has been a topic of much debate ever since Bitcoin first made its debut back in 2009. On the one hand, some argue that Bitcoin is a safe haven asset and a digital form of gold, while others say that Bitcoin and gold are completely different. However, the recent correlation between the two assets is undeniable.
In the past year, the correlation between Bitcoin and gold has been increasing, with the two assets currently having a correlation of 93%. This means that the price movement of Bitcoin and gold are closely linked, with any shift in price in either asset being mirrored in the other. This correlation has been especially noticeable throughout 2022, with the two assets having a one-year high of 93%.
The recent surge in the correlation between Bitcoin and gold can be attributed to the fact that gold is currently approaching an all-time high of $2k an ounce. As gold continues to rise in price, investors are looking for alternative stores of value and Bitcoin is becoming an increasingly attractive option. This has caused the correlation between the two assets to skyrocket, with many investors seeing Bitcoin as a safe haven asset similar to gold.
The correlation between Bitcoin and gold is a testament to the fact that Bitcoin is becoming an increasingly popular asset among investors. As more people look to diversify their portfolios and take advantage of the potential returns that Bitcoin can offer, the correlation between the two assets is likely to remain strong. This could be a sign of good things to come for Bitcoin, as investors continue to flock towards the asset in order to capitalize on its potential.