Bitcoin-Gold Correlation Hits Nine-Year High as Nasdaq Link Falls to One-Year Low
Summary
- Bitcoin's 90-day correlation with gold rose to 0.56, the highest level since 2017.
- Bitcoin's 90-day correlation with the Nasdaq 100 Index fell to about 0.30, the lowest level in a year.
- Over the past 30 days, Bitcoin's correlation with gold was 0.72, while its correlation with the Nasdaq Composite Index was 0.22, reinforcing the "digital gold" narrative.
Forecast Trend Report by Period
Bitcoin is moving more closely with gold while its correlation with the tech-heavy Nasdaq has weakened, highlighting the cryptocurrency's "digital gold" characteristics, according to a report.
Ublockchain, citing Protos on September 7, reported that Bitcoin's 90-day correlation coefficient with gold rose to 0.56. That marked the highest level since major data providers began compiling the metric in 2017, surpassing the previous peak of about 0.50 reached in November 2020.
By contrast, Bitcoin's 90-day correlation coefficient with the Nasdaq 100 Index fell to about 0.30, the lowest level in a year. That indicates Bitcoin is moving less closely than before with risk assets, including technology stocks.
The shift was even more pronounced in shorter-term data. Over the past 30 days, Bitcoin's correlation with gold climbed to 0.72, while its correlation with the Nasdaq Composite Index stood at 0.22.
Protos said the trend is reinforcing the "digital gold" narrative, as last month's so-called debasement trade, driven by concerns over currency dilution, gained prominence and renewed the view of Bitcoin as a store of value similar to gold.
