Bitcoin Outperforms Gold Even as Correlation Nears Record High, Coinbase Says

Bitcoin's price correlation with gold is approaching a record high, but the cryptocurrency has recently outperformed the precious metal, according to Coinbase.

On September 29, the crypto exchange said in a post on X that a similar price trend does not mean identical returns, even as the correlation between Bitcoin and gold nears an all-time high.

Over the past month, Bitcoin has risen while gold has fallen, Coinbase said. The gap shows their performance has diverged even as the two assets have increasingly moved in the same direction.

Coinbase added that new investor demand appears to be shifting toward Bitcoin rather than gold, even in a rising interest-rate environment.