Bitcoin ‘copying’ gold to hit surprise new price highs now has factual evidence as the realized correlation between the two assets reaches all-time highs.
Recent data from on-chain monitoring resource Skew revealed the trend within the week, with one-month realized correlation between gold and Bitcoin now at 67.1%.
The transformation has been impressive – just around 3 weeks ago on 20th July 20, a native low saw realized correlation hit -0.1%.
The intervening period has been marked by Bitcoin’s rapid gains in USD terms, following in gold’s footsteps several months after the valuable metal began its own conspicuous climb.
At the reporting time on Thursday, XAU/USD was at $2,065 USD, its highest ever against the dollar, surpassing $2k despite analysts predicting the likelihood of such an occasion being just 30% this year.
Meanwhile, doubts are surfacing over Bitcoin’s continued correlation with stock markets. Bitcoin [BTC] was 95% correlated with the S&P 500, for instance, but on Thursday, one analyst declared the connection to be over.