The correlation of daily profits of Bitcoin and Gold is increasing, making investors expect even more robust growth of BTC price.
As the leading cryptocurrency rose to its highest level in 2020 at $ 11.392 this week, its correlation with gold has also increased. Currently, BTC's monthly correlation with Gold in daily profits is located at 0.66, according to data from CryptoCompare.
The correlation begins to increase as Gold crosses over $ 1.900, near new highs before correcting again Bitcoin.
The increase in correlation represents a trend change. Because in the past, the relationship between the two assets has always decreased, according to data from the Kraken research team.
While the correlation between Gold and Bitcoin has increased, at the same time, the correlation between Ethereum with Bitcoin starting to decline and currently at 0.56.
According to some analysts, as the dollar and the economy continue to struggle to combat the crisis caused by the COVID-19 pandemic, it seems that the value of these assets is seen as 'shelters'. safe ”such as Bitcoin and Gold will continue to soar due to high demand.