Odaily Planet Daily report: The 90-day price correlation between BTC and gold has risen to 0.56, surpassing the previous high of approximately 0.50 in November 2020 and reaching the highest level since data collection began in 2017 by most providers. During the same period, the 90-day correlation between BTC and the Nasdaq 100 dropped to around 0.30, a one-year low. Over a 30-day window, the correlation between BTC and gold further increased to 0.72, while its correlation with the Nasdaq Composite index remained at only about 0.22. Capital flows surrounding the "currency depreciation trade" since August have reinforced BTC's narrative as "digital gold." (Protos)
BTC-Gold 90-day correlation reaches 0.56, highest since 2017
KuCoinFlashShare
Summary
According to Odaily, BTC’s 90-day price correlation with gold reached 0.56, the highest since 2017, surpassing the previous high of 0.50 in November 2020. BTC’s dominance over gold increased further to 0.72 over the 30-day period. Meanwhile, BTC’s 90-day correlation with the Nasdaq 100 declined to 0.30, a one-year low. Over 30 days, BTC’s dominance relative to the Nasdaq Composite fell to 0.22. Since August, capital flows have driven BTC closer to gold’s traditional role.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.