Cryptokoin – The latest news in the crypto currency world sheds light on recent changes in Bitcoin correlations.
Although bitcoin and gold have followed quite different trends in the process, significant correlation periods are rare, but this trend seems to be changing now.
The analysis focuses on data from April 1 to July 10, 2019, which coincided with the rise in gold, triggered by uncertainty in monetary and trade policies.
In the meantime, the correlation coefficients for Bitcoin and pioneering subcoins Ethereum, Litecoin and Bitcoin Cash fell from 0.9 to 0.8 in the range of 0.7 to 0.6, the correlation between Bitcoin and gold was only much more to 0.22.
Although the figures vary markedly, the coefficients for Bitcoin and gold are still too small to create a significant correlation. Nevertheless, it seems statistically interesting to note that the decrease in correlation with subcoins seems to accompany the increase in the match in the evolution of gold prices.
Analysts believe that if Bitcoin wants to fulfill its promise of “digital gold, Bit Bitcoin can be expected to have more relationships with gold in the future:
Imiz Over the past few months, we have seen that Bitcoin may be an indication that gold is seen as a digital alternative. ”
There has long been a general idea among analysts that political and economic uncertainties around the world have turned the flow of money into gold and Bitcoin. In this context, both assets can be considered as a safe harbor.
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