The correlation between bitcoin and gold has doubled over the past three months

Over the past three months, the correlation between digital and physical gold has almost doubled, according to Bloomberg .

So, if last year the correlation dependence between these two assets was at the level of 0.496, then over the past few months this figure has reached 0.837. Thus, the statistical relationship was almost doubled.

However, the situation varied throughout the year: the inverse correlation during this period was observed 49% of the time, with a fall in both assets – 22%, and on the rise – 29%.

Nevertheless, the analyst of the publication admits that three months is not a long enough period of time to draw convincing conclusions, while the correlation does not always imply causality.

On the other hand, the expert admits that amid growing global tensions, largely due to the trade war between the US and China , investors are increasingly considering bitcoin as a hedging asset and a “safe haven”.

Meanwhile, gold from the beginning of this year grew by 16%, reaching the marks of six years ago:

A source

Bitcoin price, meanwhile, worked out the “Bull Flag” trend continuation pattern, rising again above the $ 12,000 mark.

BlockchainJournal previously published a lot of material about why the first cryptocurrency is inversely correlated with the traditional market.

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