Bitcoin’s correlation with gold reaches a nearly two-year high

The indicator was 57%

26.04.2023 - 14:40

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What’s new? According to Kaiko, a blockchain analytics company, bitcoin’s 30-day rolling correlation with gold rose sharply in March and reached 57% by April 26, the highest level in nearly two years. The data release date coincided with the first cryptocurrency’s local increase in the rate to the $30 020 mark. As of 14:50 UTC, bitcoin price chart shows $29 657. Over the past 24 hours, BTC has risen by 8,7%.

Bitcoin 30-day rolling correlation with gold has surged since March and now stands at 57% - its highest level in almost 2 years.#BTC #Gold #correlation pic.twitter.com/l7N5eYAgEl — Kaiko (@KaikoData) April 26, 2023

Correlation of cryptocurrencies with various assets. In February, analysts at Bernstein reported that the correlation of the cryptocurrency market with the US stock market and macroeconomic factors decreased amid bitcoin price movements. Thus, the correlation between BTC and the Nasdaq Composite Index has fallen from 0,94 to 0,58 since the beginning of February.

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Earlier, the financial conglomerate Citigroup stated that the crypto market is stronger than the stock market and also remains resilient amid increased regulatory attention. In turn, Bitwise experts predicted that the correlation of cryptocurrencies with stocks will fall below 0,5 in 2023.

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