Data shows the correlation between Bitcoin and Gold has turned negative, a sign that the two assets are moving in the direction opposite to each other.
Correlation Coefficient Is Now Underwater For Bitcoin & Gold
In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Correlation Coefficient between Bitcoin and Gold. The Correlation Coefficient is a tool from statistics that measures the relationship between two given variables over a given period, typically one month. In the current case, the variables are the prices of BTC and Gold.
When the value of the metric is positive, it means the price of one asset is reacting to movements in the other by traveling in the same direction. The closer is the indicator to 1, the stronger is this relationship.
On the other hand, the coefficient being under zero implies there exists a negative correlation between the two assets. That is, they are moving opposite to each other. The extreme
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