Bitcoin and gold have highest correlation in over a year, as gold approaches its all time high Quick Take
- Many narratives occur in the Bitcoin ecosystem, and one of them is Bitcoin is digital gold due to the fundamentals of supply and demand.
- BTC and gold have had a significant correlation throughout 2022 and have mirrored each other, albeit BTC was a lot more volatile than gold, as shown in the trading view graph below.
- However, the correlation did go away when the FTX collapse occurred, which fundamentally had nothing to do with Bitcoin other than FTX holding Bitcoin on its balance sheet.
- As the dust settles from the FTX collapse, the correlation has shot up to a one-year high of 93% correlation, while gold is on the periphery of breaking out to an all-time high approaching $2k an ounce.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
