Bitcoin-gold correlation fluctuates but trends downwards post-halving

Share This Post

Onchain Highlights

DEFINITION: The correlation between Bitcoin and gold over 30-day and 90-day periods measures the strength and direction of their price relationship.

Bitcoin’s correlation to gold has exhibited fluctuating trends over the past three years. The 30-day and 90-day correlation metrics show intermittent peaks and troughs, indicating varying degrees of correlation between Bitcoin and gold prices.

From January 2021 to mid-2024, Bitcoin’s price saw significant movements, including a sharp rise to over $60,000 in late 2021, followed by a sharp decline into 2022 and subsequent recovery post-2023. During these periods, the 30-day and 90-day correlations often diverged, reflecting the flagship crypto’s unique volatility compared to gold.

At the end of the first quarter of 2024, Bitcoin’s correlation to gold exhibited a rising trend, with both the 30-day and 90-day correlations approaching one. This period coincides with Bitcoin reaching new heights pre-halving in March 2024, with gold following shortly after in May.

However, Bitcoin and gold have increasingly decoupled from one another over the past 30 days, similar to the recent trend observed between Bitcoin and the S&P 500. This raises the question of whether Bitcoin and gold will continue to diverge or eventually converge.

The post Bitcoin-gold correlation fluctuates but trends downwards post-halving appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Here’s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet

The Wall Street Cheat Sheet has been around for years now and is often passed around in finance circles, so Bitcoin has not been left out The cheat sheet shows different stages of each market cycle,

FLOKI Holders Alert! 20% Rally Possible if This Happens

The post FLOKI Holders Alert! 20% Rally Possible if This Happens appeared first on Coinpedia Fintech News The popular meme coin Floki (FLOKI) is poised for a significant upside rally but is currently

Ethereum co-founder Buterin swaps memecoins for charity, urges creators to donate directly

Ethereum co-founder Vitalik Buterin recently converted a significant portion of his memecoin holdings to ETH for charitable donations In an Oct 7 post on X, Buterin revealed that he sold 10 billion

Polymarket Sees Shifts in Satoshi Nakamoto Betting Odds Ahead of HBO Film Release

With the HBO documentary set to release on Wednesday, claiming to reveal the true identity of Satoshi Nakamoto, Polymarket bettors are actively speculating on who it might be As of this writing, Len

UAE Removes VAT On Cryptocurrency Transfers And Conversions

The UAE has made a serious commitment to make it increasingly attractive as a global cryptocurrency hub by announcing a massive tax exemption Starting November 15, 2024, all transactions involved in

Is Dan Gallagher the Future SEC Chair?

The post Is Dan Gallagher the Future SEC Chair appeared first on Coinpedia Fintech News The crypto market is buzzing with the recent speculation that Dan Gallagher, Robinhood’s Chief Legal Officer,