Bitcoin-Gold Correlation Once Again Reaches Record Levels

Quick Read

  • The one-month Bitcoin-Gold realized correlation is back on the rise, reaching record levels after plunging last month.
  • Bitcoin pulls back after crossing $11,000 but is still outperforming gold.

After plunging last month, the one-month Bitcoin-Gold realized correlation is back on the rise, according to data by Skew. The figure currently stands at 74.1%, up substantially from the 33.5% this time last month.

Bitcoin is often dubbed as the “digital gold” as it shares a few similarities with physical gold, including a limited supply and scarcity. Moreover, both assets have seen a stellar rise this year amid the pandemic influenced economic uncertainty.

Bitcoin Pulls Back

After failing to sustain the $12,000 level, Bitcoin saw a correction during which the price fell below $10,000, as previously reported by The Crypto Associate. Since then, Bitcoin has rebounded, breaching past the $11,000 level. However, the cryptocurrency has since pulled back to the $10,800 level unable to maintain $11,000.

Despite the correction, Bitcoin is still outperforming gold this year:

Cover image by Pineapple Supply Co. on Unsplash

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