Bitcoin is More Like Nasdaq Than Gold, Finds Analysis
CryptoNewsTerminal Staff11 Sep, 2024
Bitcoin is More Like Nasdaq Than Gold, Finds Analysis
CryptoQuant senior analyst Julio Moreno has found that Bitcoin moves more like Nasdaq than gold. In the last 30 days, the correlation coefficient between Bitcoin and gold has been -0.4, while with Nasdaq it has been +0.39. This suggests that Bitcoin is more closely correlated to equities than to the traditional safe-haven asset of gold. Moreno's findings are in line with other recent research that has shown that Bitcoin is increasingly being used as a hedge against inflation and as a store of value. As a result, it is becoming more closely correlated to other risk assets, such as stocks. The findings also have implications for investors who are looking to diversify their portfolios. If Bitcoin is indeed more like Nasdaq than gold, then it may not be providing as much diversification as investors might think.
