Kaiko, who is researching on crypto markets, shared on his social media account. bitcoin announced that the correlation (price relationship) between gold and ounce of gold has risen to 50% in recent days, reaching the highest level of the year.
#Bitcoin‘s correlation with gold surpassed its correlation with the S&P 500 👀 pic.twitter.com/Kqp42KRcX5
— Kaiko (@KaikoData) April 3, 2023
In the past months, technology company shares have been intensely Nasdaq 100 The different behavior of Bitcoin, which moves with the index, attracted the attention of experts. Kaiko researchers state that the banking crisis experienced in the past weeks has been the breaking point for Bitcoin.
Is Bitcoin Really Digital Gold?
Admiring the leading cryptocurrency BTC maximalists believe that Bitcoin acts as a store of value. Precious metals such as gold, silver; They are some of the value products demanded by investors to be protected in case the risks increase in the world.
Some crypto-lovers are wary of the limited supply of Bitcoin. “digital gold” qualifies as. In the bear market we witnessed in 2022, this claim took a big hit. However, the situation experienced in recent weeks prompts investors to think about this issue once again.
An ounce of gold gained 9% throughout March, while Bitcoin rose 24% to $28,000.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!