CryptoQuant: Bitcoin and gold are more correlated
According to online reports, according to CryptoQuant's latest data analysis, the correlation between Bitcoin and the S & P 500 Index has dropped from 0.88 at the end of 2024 to the current 0.77, and the correlation between Bitcoin and the Nasdaq Composite Index has also dropped from 0.91 in January this year to the current 0.83. At the same time, the correlation between Bitcoin and gold is increasing, rising from-0.62 at the beginning of the month to-0.31. Bitcoin's scarcity is similar to gold and has the potential to follow gold's trend.
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