Crypto Blog
Bitcoin’s correlation with one of the oldest and arguably the safest investment instruments, gold, has risen to a five-month peak, according to data from IntoTheBlock.
At the same time, Ethereum’s numbers point to precisely the opposite, even though ETH is supposed to be ultra-sound money following some of its updates in the past few years.Due to many of the similarities between the two, such as limited supply and lack of central authority behind them, gold and bitcoin have been frequently compared, albeit mostly by supporters of the digital asset.
However, bitcoin is a newer asset with less history, a smaller market cap, and a highly volatile nature. This has been the most vocal criticism of BTC doubters, such as. Their performances tend to deviate in certain times but should follow a similar trajectory in times of economic uncertainty, wars, etc.
Data from IntoTheBlock shows that this has been the case on a few occasions this year. At first, both went toward uncharted territory simultaneously in March and April but parted ways in May and July. However, the trend has been on a positive uptake since the summer and reached a peak of 0.75 yesterday, which is the highest level since April.
“Ethereum’s limited correlation with gold points to its position as a more speculative, growth-driven asset. Its price movements are less influenced by external economic factors and more driven by the underlying ecosystem, such as DeFi activity & staking.”One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin’s Correlation With Gold Turns Negative as Market Slips Into Bear Phase: CryptoQuantCrypto Blog
Read more »
Wolverine Lore Changes Forever with Introduction of GOLD ADAMANTIUMwolverine with gold claws and an ingot of gold metal
Read more »
Afghanistan Withdrawal Gold Star Mother Snubs Chuck Schumer at Congressional Gold Medal CeremonySource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Hunter Woodhall Wins Paralympic Gold After Wife Tara Wins Olympic GoldHunter Woodhall took home Paralympic gold in Paris just weeks after wife Tara Davis-Woodhall won Olympic gold in the long jump at the 2024 Paris Olympics
Read more »
Sprinter wins gold at Paralympics after wife won gold medal at Paris OlympicsHunter Woodhall won gold in the Men's 400m T62 at the Paris Paralympics.
Read more »
Gold-Back ETFs report net gold inflows for the fourth straight monthFor the fourth straight month, gold-backed ETFs increased their net gold holdings.
Read more »