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<p>The situation is evolving for Bitcoin and gold. Long perceived as uncorrelated safe havens, these two assets now seem to be dancing to the same rhythm. According to the latest data, their correlation is intensifying, suggesting a new dynamic between the queen of cryptos and the precious metal.</p>
<h2 id="h-a-strengthened-correlation-between-bitcoin-and-gold">A strengthened correlation between Bitcoin and gold</h2>
<p>Analysts at Kaiko, a crypto market data platform, have noted the upward trend in the <a href="https://www.cointribune.com/en/bitcoin-blows-gold-away-a-new-safe-haven/" target="_blank" rel="noopener noreferrer nofollow">correlation between Bitcoin and gold prices</a> over the past few months. Over a 60-day period, this indicator is currently on an upward slope.</p>
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<p>Although <a href="https://bitcoinist.com/bitcoins-correlation-to-gold-is-rising-what-means/?utm_source=coingecko&amp;utm_content=coingecko&amp;utm_campaign=coingecko&amp;utm_medium=coingecko&amp;utm_term=coingecko" target="_blank" rel="noopener noreferrer nofollow">moderate at 0.2 for now</a>, far from the peak of 0.5 reached in 2022, this positive correlation contrasts with the inverse dynamic observed at the end of 2023. At that time, Bitcoin and gold were moving in opposite directions, showing a negative correlation.</p>
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://www.cointribune.com/app/uploads/2024/05/image-22-1024x537.png" alt="Graph showing the 60-day correlation between Bitcoin ($BTC) and gold" class="wp-image-696480" width="753" height="394" srcset="https://www.cointribune.com/app/uploads/2024/05/image-22-1024x537.png 1024w, https://www.cointribune.com/app/uploads/2024/05/image-22-300x157.png 300w, https://www.cointribune.com/app/uploads/2024/05/image-22-768x403.png 768w, https://www.cointribune.com/app/uploads/2024/05/image-22.png 1292w" sizes="(max-width: 753px) 100vw, 753px">
 <figcaption class="wp-element-caption"><em>Graph showing the 60-day correlation between Bitcoin and gold. Source: Kaiko</em>
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<h2 id="h-a-new-paradigm-for-investors">A new paradigm for investors</h2>
<p>If this price <a href="https://www.cointribune.com/en/is-the-price-of-btc-artificially-inflated-bitcoin-put-to-the-test/" target="_blank" rel="noopener noreferrer nofollow">convergence</a> gets stronger, it would limit the benefits of diversifying with both assets. Indeed, highly correlated values tend to mirror each other’s performances.</p>
<p>Portfolios including both Bitcoin and gold could then move in the same directions. This poses a risk for investors looking to offset the losses of one asset with the gains of the other.</p>
<p>Bitcoin is currently trading around $68,700, up 2% over 24h. A performance that may be increasingly less offset by gold if their correlation strengthens.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSDT chart</span></a> by TradingView
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<p>For now, the levels of correlation still allow for considering <a href="https://www.cointribune.com/en/bitcoin-and-gold-same-battle-the-wild-race-towards-historical-highs/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin/gold diversification</a>. But this upward trend might challenge this advantage. Investors will therefore need to closely monitor the evolution of this metric. A too high rise would force them to review their allocations to optimize returns.</p>

Bitcoin and gold: A growing correlation to closely monitor

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