Data shows Bitcoin has been becoming increasingly correlated with Gold, a potential sign that the digital Gold narrative is making a return.
Bitcoin Correlation With Gold Has Risen To 0.75 Recently
In a new post on X, the market intelligence platform IntoTheBlock discussed the latest trend in Bitcoin’s Correlation to Gold. The “Correlation” here is a metric that tracks how closely related the prices of two given assets are. In the current case, of course, the assets are BTC and Gold.
When the value of this metric is positive, it means BTC is reacting to movements in the Gold price by moving in the same direction. The closer is the indicator to the 1 mark, the stronger is this relationship.
On the other hand, the metric being under zero suggests that, although there is some correlation present, it’s a negative one. In other words, the two assets are moving in the opposite direction to each other. The -1 level plays the role of the extreme in this case. The Correl
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