The flagship cryptocurrency’s 60-day correlation with gold has hit a new all-time high, at a time in which BTC has been managing to remain above the $10,000 mark.
According to data from Coin Metrics, BTC’s 60-day correlation with gold hit 0.5, a new all-time high, as a climb that started in July when bitcoin’s price was still consolidating around the $0,000 mark has kept on rising.
To some investors, the price action between bitcoin and hold has been closely aligned over the last few months partly because of the U.S. Dollar Index (DXY). According to MarketWatch the fiat currency’s value has been dropping steadily since hitting 102 after the March market crash.
The correlation between bitcoin and gold was even higher on Bloomberg’s September Crypto Market Outlook, as it stood at 0.8. The value was that high, however, as Bloomberg calculated the data interrelation on a per-month basis.