Bitcoin was trading at $77,576.35 at press time, down 2.8% in 24 hours, while gold was at $4,455.43 per ounce, down 3.37%. BTC’s 90-day correlation with gold has risen above 50%, while its correlation with the Nasdaq 100 has fallen to around 33%, suggesting Bitcoin is increasingly behaving like a higher-beta version of gold. Bitcoin’s correlation with gold is at extreme historical levels: 42-day at the 99.7th percentile, 63-day at the 99.96th percentile, and 90-day at the 100th percentile. Analysts compare this setup to 2020, when a similar pattern preceded Bitcoin’s rise from roughly $10,000-$11,000 to nearly $69,000 by November 2021.
Source: Read the original article
