Using daily price data from September 2014 to May 2024, the correlation coefficient between Gold and Bitcoin is approximately 0.82.
A 0.82 correlation indicates a strong positive relationship: when Gold's price rises, Bitcoin's price tends to rise too, and vice versa.
Let me know if you want the raw data.
Originally published by me at:
https://cryptoprofits.substack.com/p/gold-and-bitcoin-prices-the-surprisingAre you trying to promote your own blog, OP? What is this weird cryptoprofits.substack.com domain name?
Anyway, I think that having a correlation means having interdependence. Which means that the gold price goes up BECAUSE the Bitcoin price is going up and vice versa. Such interdependence between gold and Bitcoin cannot be proven, which means that the correlation between BTC and Gold might not exist. Both BTC and Gold are just two assets that are in bull markets currently, which is the main reason why their prices are going up.