New Data Suggests Bitcoin and Gold Aren’t as Correlated as You Think
Cointelegraph By Tiago Vidal's original article for cointelegraph.com reduced by 70%
How correlated are gold and Bitcoin prices?Looking at the price action of Bitcoin and gold from April 2013 until now, one can see that gold reached its peak in 2020, while Bitcoin reached its maximum price in late 2017. When computing the correlations for the entire sample, between gold and Bitcoin prices, the data showed that they are considerably correlated at 46.5%, with 0% being not correlated, 100% meaning it's fully positively correlated and -100% meaning it's fully inversely correlated. A negative relationship, even though not statistically significant, is found when regressing Bitcoin returns against the lag of gold returns, which, once again can lead us to assume that gold price action doesn't predict Bitcoin.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.