After Seeing A Massive Plunge, Bitcoin-Gold Correlation Is Back On The Rise
Quick Read
- Bitcoin and gold one-month correlation is back on the rise after seeing a substantial decline.
- Both assets have performed strongly amid the economic uncertainty during the pandemic.
Bitcoin is often dubbed as the “digital gold” as it shares a few similarities with physical gold, including a limited supply and scarcity. Moreover, both assets have seen a stellar rise this year amid the pandemic influenced economic uncertainty.
After plunging last month, the one-month Bitcoin-Gold realized correlation is back on the rise, according to data by Skew.
Bitcoin Still Outperforming Gold
While both assets have seen substantial gains this year, as reported previously by The Crypto Associate, Bitcoin has seen a massive correction from the $12,000 level back to the $10,000 level as support.
However, data by Skew shows that Bitcoin is still outperforming the precious metal year-to-date (YTD).
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