Analysts: Bitcoin and gold correlation as high as 0.7
On April 28, CoinDesk analyst James Van Straten said that as of now, Bitcoin has fallen by about 1.5% since December 31 last year, and its performance is between gold, which rose by 24% and the Nasdaq 100 index, which fell by more than 7%. Therefore, the idea of positioning Bitcoin as a leveraged technology stock or digital gold is slightly biased towards the view of digital gold, but that is it. By analyzing the correlation coefficient of Bitcoin's 30-day moving average, the correlation with gold is currently strong, reaching 0.70, while the correlation with the Nasdaq 100 Index is weak, at 0.53. This suggests that Bitcoin's performance is closer to the trend of gold than the performance of technology stocks.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
