Bitcoin has reached new highs and continues to show a decoupling from gold and silver, according to on-chain data platform Glassnode. In the past 30 days, Bitcoin has outperformed both precious metals, with a correlation to gold nearing cycle lows of -0.78 and a cycle low of -0.9 for silver. Meanwhile, gold and silver prices have remained relatively stagnant. Bitcoin’s resilience above $30k suggests the potential for further upward movement, especially with recent news about spot ETFs. Analysts also point out that Bitcoin’s correlation with the Nasdaq 100 is at a three-year low.

Summary:

Bitcoin’s price action in 2023 has led to a further decoupling from gold and silver. The 30-day correlation between Bitcoin and these metals has reached cycle lows, indicating a shift in their relationship. Bitcoin has demonstrated resilience above $30k and could experience further upward movement. In contrast, gold and silver prices have remained stagnant. Additionally, Bitcoin’s correlation with the Nasdaq 100 is at a three-year low.

FAQ:

1. What is the correlation between Bitcoin and gold?

The 30-day correlation between Bitcoin and gold is at cycle lows of -0.78.

2. What is the correlation between Bitcoin and silver?

The 30-day correlation between Bitcoin and silver has reached a cycle low of -0.9.

3. How has Bitcoin performed compared to gold and silver?

Bitcoin has outperformed both gold and silver in the past 30 days.

4. What is the current price of gold and silver?

Gold is currently trading near $1,928 per ounce, while silver is priced at $22.94 per ounce.

5. What is the potential for further upward movement in Bitcoin?

Bitcoin’s resilience above $30k suggests the potential for further upward movement, especially with recent news about spot ETFs.

6. What is the correlation between Bitcoin and the Nasdaq 100?

Bitcoin’s correlation with the Nasdaq 100 is currently at a three-year low.