CoinMetrics notes a high correlation between the price of gold and Bitcoin
CoinMetrics notes a high correlation between the price of gold and Bitcoin in recent months. At the same time, according to VanEck, the correlation between assets has increased since March. Correlation is a statistical relationship between two or more random variables. In its latest report, the analytical company CoinMetrics claims that the correlation between the price movement of gold and bitcoin is quite high, and this trend has been maintained over the past few months.
In February and March, Bitcoin and gold prices reached their lowest levels in a year, with Bitcoin losing more than half of its value and gold falling by several hundred dollars. However, in the next two months, assets grew in parallel with each other – BTC reached the level of $9,000, and gold – above $1,700.
Data published in April by VanEck confirms the findings of CoinMetrics:
We noted that the correlation of the price of Bitcoin with traditional assets began to grow during the crisis caused by the coronavirus pandemic. Most importantly, the correlation of BTC with gold has reached a level that was not previously observed. We believe that this can further strengthen the potential of cryptocurrency as "digital gold".
said in VanEck
Supporters of Bitcoin are sure that "digital gold" will become more expensive during the crisis.