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Bitcoin and gold have highest correlation in over a year, as gold approaches its all time high
There's currently a 93% correlation between gold and Bitcoin.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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.
Market Cap $1.53T
24H Volume $36.82B
