Bitcoin-Gold Correlation Climbs to Highest in Nearly Six Years, Overtaking Nasdaq

Forecast Trend Report by Period

Bitcoin's price correlation with gold has strengthened to its highest level in nearly six years. At the same time, its correlation with the tech-heavy Nasdaq 100 Index has fallen to the lowest level in a year. The shift suggests a growing view of Bitcoin as an alternative asset that can hedge against currency debasement, rather than a risk asset akin to technology stocks.

An analysis of Bitwise Asset Management and Bloomberg data by The Kobeissi Letter showed Bitcoin's 90-day rolling correlation with gold rose to about 0.50 on September 5. That marks the highest level since 2020, when the Covid-19 pandemic began. It is also more than double the level at the start of the year.

A correlation coefficient measures the extent to which two assets move in the same direction. A reading closer to 1 means prices move together, while 0 indicates no clear relationship. The current figure does not mean Bitcoin and gold are moving in perfect lockstep, but it does show a moderate positive correlation.