Bitcoin’s correlation with Nasdaq rises to 0.39, diverges from gold at -0.40

Bitcoin’s correlation with Nasdaq rises to 0.39, diverges from gold at -0.40
фото показано с : cryptoslate.com

2024-9-11 14:22

Bitcoin’s correlation with traditional financial markets has been a topic of significant interest and debate in recent months. The latest data suggests that Bitcoin is exhibiting behavior more closely aligned with tech stocks than gold, challenging its narrative as “digital gold” in the short term.

Julio Moreno from CryptoQuant shared data showing that Bitcoin currently indicates a positive correlation of +0.39 with the Nasdaq index while displaying a negative correlation of -0.40 with gold over 30 days. This data showcases Bitcoin’s increasing ties to risk assets like tech stocks rather than behaving as a safe-haven asset like gold. However, Bitcoin as an inflation hedge needs to be assessed on a longer timeframe, with its CAGR showcasing its outperformance of most assets over a 5-year timeline.

Bitcoin correlation with gold and Nasdaq (CryptoQuant)

Bitcoin and gold both surged in Q1 2024, with Bitcoin gaining over 60% and trading above $70,000, while gold rose by over 7% to trade above $2,200. However, the current correlation data indicates a divergence in price movements in recent weeks.

The shifting correlation patterns reflect the complex and evolving nature of Bitcoin as both a digital currency and an asset class. As Bitcoin matures, it appears to incorporate certain qualities of gold while also assimilating traits from stocks and other risk assets.

The correlation between Bitcoin and traditional markets has fluctuated over time. As FXStreet reported, the correlation between Bitcoin and gold reached as high as 0.87 (or 87%) earlier, indicating a strong positive relationship. However, the recent data shows a significant shift in this dynamic.

The post Bitcoin’s correlation with Nasdaq rises to 0.39, diverges from gold at -0.40 appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Golos Gold (GBG) на Currencies.ru

$ 0.0077733 (-2.90%)
Объем 24H $0
Изменеия 24h: -17.51 %, 7d: -17.17 %
Cегодня L: $0.0077733 - H: $0.0095975
Капитализация $99.238k Rank 999999
Доступно / Всего 12.767m GBG

gold bitcoin correlation behavior aligned exhibiting closely

Источник: cryptoslate.com

gold bitcoin → Результатов: 126


Фото:

Saylor says Bitcoin will ‘eat gold’ in the coming months

MicroStrategy executive chairman Michael Saylor predicted that Bitcoin will “eat gold” in the coming months because it is a far superior asset in every way. The MicroStrategy chair made the statement during a CNBC interview on March 11, where he added that Bitcoin was not only superior to gold but all conventional assets, including real […] The post Saylor says Bitcoin will ‘eat gold’ in the coming months appeared first on CryptoSlate.

2024-3-12 02:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

FTX recovers $14.5 million through political donation settlements

FTX debtors secured approximately $14. 5 million in November through small claim settlements, primarily from political donations, according to a Dec. 10 court filing. The recovered funds included $6 million from the House Majority PAC and $3 million from the Senate Majority PAC.

Apple and A24 have a Sam Bankman-Fried biopic in the works

Apple Studios and A24 are working on a movie about former FTX CEO Sam Bankman-Fried, adapted from the best-selling Michael Lewis book ‘Going Infinite: The Rise and Fall of a New Tycoon.’ According to a Variety report, Apple Studios and…

FTX sues Binance, former CEO CZ for alleged fraudulent $1.76b transfer

In 2019, Binance acquired a 20% stake in collapsed FTX in a deal with Sam Bankman-Fried In 2021, Binance and FTX agreed to a deal that saw FTX buying back the stake, amounting to $1.76bn in FTT, BNB, and BUSD The transfer was done by Alameda Research, which was insolvent at the time and couldn’t […] The post FTX sues Binance, former CEO CZ for alleged fraudulent $1.76b transfer appeared first on CoinJournal.