Bitcoin's positive correlation with gold reaches a one-year high
The index reached the 0,3 mark
04.10.2022 - 14:25
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What’s new? According to blockchain analytics company Kaiko, bitcoin's correlation with gold between October 2021 and October 2022 reached a record high of 0,3.
Bitcoin's correlation with other indices. Experts track bitcoin's correlation not only with gold, but also with the S&P 500 stock index. Bitcoin had significant divergences with the index in December 2020 (-0,38) and summer 2021 (to -0,45). In August 2022, the index was at 0,31 and, in early September, it was 0,44.
The S&P 500 stock index includes shares of the 500 public companies traded on US stock exchanges and having the largest capitalization. The index is compiled by analyst firm Standard & Poor's.
According to a July report by analysts at Deutsche Bank, the correlation of digital asset prices with the Nasdaq 100 and S&P 500 stock indices has been increasing since November 2021. Experts predicted that by the end of the year, the S&P will rise to January levels, which means that the price of the first cryptocurrency could follow. As of October 4 at 14:30 UTC, BTC is trading at $20 115, having gained 3,61% in a day, according to Binance.
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