The correlation between digital and physical gold has almost doubled in the past three months, fresh data from Bloomberg revealed on Aug. 7.
The statistics reveal that while the correlation between Bitcoin (BTC) and gold over the past year was at 0.496, in the past three months this has almost doubled to hit 0.837 — where a coefficient of +1 indicates perfect correlation, and -1 complete non-correlation.
Bloomberg notes that over the past year, the correlation between the assets has been random: with the two assets trading inversely 49% of the time, in a correlated downturn 22% of the time and in a correlated uptrend 29% of the time. Yet since May 8 of this year, their trading in tandem has surged to 58%.
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