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The truth about Bitcoin and Gold’s correlation

With the Bitcoin-Gold correlation at 76.3%, at the time of writing, market analysts are once again commenting on how crucial this correlation is, especially with regard to what it implies. However, what is interesting to note here is that this correlation was negative for the most part of the past two years. That is, before Bitcoin’s rally on 27 July changed the narrative. Source: Skew It’s very crucial to address this correlation because, in the eyes of many analysts, correlations are a useful tool in determining the direction of the cryptocurrency’s price movement. While that is up for debate, what…

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Bitcoin-Gold high correlation does not indicate parallel market

Discussions involving Gold and Bitcoin in the same sentence are never far from making the headlines. Both the non-yielding assets have made significant strides in 2020 as the traditional stock market lost a bit of its credibility. With Bitcoin nearing $12,000 at the time of writing, Skew analysis suggested another ground-breaking development between the two supposedly Store-of-Value entity. Source: Skew As illustrated in the above chart, Bitcoin and Gold’s 1-monthly correlation has reached an all-time high correlation of 68.7 percent. This should further tie up the functionality of Gold and Bitcoin but that might not be the case anymore, here’s…

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