Bitcoin's Gold Rush: Correlation Hits Nine-Year High

The correlation between Bitcoin and gold has reached a nine-year high, with their 90-day price connection hitting +0.56, according to data providers.

This is higher than its prior record of +0.5 in November 2020 and marks the highest level since most data providers started measuring it in January 2017.

Meanwhile, Bitcoin's correlation with the Nasdaq 100 index has slid to roughly +0.30 over the same window, a one-year low.

The increased coupling between gold and Bitcoin is seen as evidence that Bitcoin is displacing its narrative as a 'tech play' with the 'digital gold' label.