Bitwise European head of research André Dragosch highlighted in a client memo that the 90-day correlation between bitcoin and gold has reached its highest point in nearly six years. The observation came at a time when bitcoin surged 22.4% over the past week, marking its largest weekly gain since March 2024, while gold advanced approximately 5% and equities declined. Bitwise further noted in the memo that its 90-day metric showed bitcoin's correlation with the U.S. dollar index had turned negative by the end of August, suggesting that a weaker dollar would be supportive for both assets. A similar pattern of elevated correlation was last seen in 2020, when governments and central banks rolled out massive fiscal and monetary stimulus in response to the COVID-19 pandemic.
Bitwise European head of research André Dragosch said in a client note that the 90-day correlation between bitcoin and gold has climbed to its highest level in nearly six years.
The observation comes as bitcoin posted a 22.4% weekly gain, the largest since March 2024. Gold added roughly 5% over the same period, while stock markets declined. According to Bitwise, the 90-day indicator showed that as of the end of August, bitcoin was negatively correlated with the U.S. dollar index, meaning a weaker dollar would be bullish for both bitcoin and gold.
The last time such a correlation was observed was in 2020, when governments and central banks unleashed massive fiscal and monetary stimulus in response to the COVID-19 pandemic.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
