On-chain analytics firm Santiment has explained how Bitcoin could currently be undervalued based on its 4-year correlation to Gold and S&P 500.
Bitcoin Has Underperformed Against Gold & S&P 500 Recently
In a new post on X, Santiment has discussed about BTC’s recent trend relative to Gold and S&P 500. Historically, the cryptocurrency has shown some degree of correlation to these assets, but the pattern has shifted lately.
Any two given assets are said to be “correlated” when one of them reacts to movements in the other by showing volatility of its own. As the chart shared by Santiment shows, Bitcoin has diverged from the traditional assets during the last few months.
From the graph, it’s visible that Bitcoin has overall gone down 15% since August 11th. In the same window, the S&P 500 and Gold are up 7% and 21%, respectively. Gold has been the clear winner, but the S&P 500 has also at least managed a profit.
The same is clearly not true for t
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