Summary
- An analysis found that the correlation between Bitcoin (BTC) and gold over the past six months has been tracking a path similar to the 2019 Bitcoin bull run.
- The Bitcoin-to-gold ratio (BTC/Gold) has fallen about 23% this month to around 16.3, a pattern said to resemble the six straight months of declines seen in 2019.
- CoinDesk stressed that a trough in the Bitcoin-to-gold ratio does not immediately imply Bitcoin strength, and that any rebound in the ratio could reflect gold’s relative weakness.
An analysis suggests that the correlation between Bitcoin (BTC) and gold over the past six months has been tracking a path similar to the 2019 Bitcoin bull run.
According to CoinDesk, a digital-asset news outlet, the Bitcoin-to-gold ratio (BTC/Gold) has fallen about 23% so far this month and is currently hovering around 16.3.
CoinDesk said, “This resembles the pattern seen in the six consecutive months of declines from August 2019 to January 2020,” adding, “At the time, Bitcoin’s gains outpaced gold’s gains for about five months.”
However, CoinDesk noted that a trough in the Bitcoin-to-gold ratio does not necessarily translate directly into Bitcoin strength. The outlet said, “Bitcoin has been underperforming gold for about 14 months,” and stressed that even if the ratio rebounds going forward, it could be the result of gold’s relative weakness rather than a rise in Bitcoin.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
