{"id":18575,"date":"2024-11-14T11:56:56","date_gmt":"2024-11-14T09:56:56","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-correlation-with-gold-hits-11-month-low\/"},"modified":"2024-11-14T11:56:56","modified_gmt":"2024-11-14T09:56:56","slug":"bitcoins-correlation-with-gold-hits-11-month-low","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-correlation-with-gold-hits-11-month-low\/","title":{"rendered":"Bitcoin&#8217;s Correlation with Gold Hits 11-Month Low"},"content":{"rendered":"<p>The correlation between the leading cryptocurrency and gold has dropped to an 11-month low of -0.36, as noted by K33 Research, reports <a href=\"https:\/\/www.theblock.co\/post\/326200\/bitcoin-gold-correlation-low-reallocation\">The Block<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1297.webp\" alt=\"1-1297\" class=\"wp-image-245208\"\/><figcaption class=\"wp-element-caption\">30-day correlation of Bitcoin with gold. Data: The Block.<\/figcaption><\/figure>\n<p>The divergence emerged following Donald Trump&#8217;s victory in the presidential elections. Since then, Bitcoin has risen by 20% to new <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>, while the precious metal has fallen by 5% amid rising US Treasury yields and a strengthening dollar.<\/p>\n<p>QCP Capital noted that the leading cryptocurrency is gaining momentum as digital gold. This trend appears &#8220;increasingly structural&#8221; due to the reallocation of capital from traditional safe havens.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Asia Colour \u2014 12 Nov 24<\/p>\n<p>1\/ Since the election, <a href=\"https:\/\/twitter.com\/hashtag\/Gold?src=hash&#038;ref_src=twsrc%5Etfw\">#Gold<\/a> has dropped 5%, while <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has surged 30%, signaling a shift as BTC gains traction as &#8220;digital gold.&#8221; This isn\u2019t just a short-term trend \u2014 it\u2019s a structural movement as capital reallocates from traditional safe havens like\u2026<\/p>\n<p>\u2014 QCP (@QCPgroup) <a href=\"https:\/\/twitter.com\/QCPgroup\/status\/1856284543583441213?ref_src=twsrc%5Etfw\">November 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The combined market value of Bitcoin at $1.73 trillion has surpassed that of silver, yet it still lags behind the yellow metal, valued at $17.5 trillion.<\/p>\n<p>According to their analysis, even a small capital reallocation\u2014just 1% of gold reserves into the leading cryptocurrency\u2014could elevate the digital asset&#8217;s price to nearly $97,000.<\/p>\n<p>Experts noted increased interest in call options with strikes at $110,000 and $120,000, indicating &#8220;preparation for further breakthroughs.&#8221;<\/p>\n<p>In October, BlackRock CEO Larry Fink acknowledged that Bitcoin is already a viable alternative to gold, and this acceptance is set to expand.<\/p>\n<p>Earlier, billionaire and Social Capital founder Chamath Palihapitiya stated that the leading cryptocurrency is solidifying its status as a safe-haven asset and has the potential to displace precious metals. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The correlation between the leading cryptocurrency and gold has dropped to an 11-month low of -0.36, as noted by K33 Research, reports The Block. 30-day correlation of Bitcoin with gold. Data: The Block. The divergence emerged following Donald Trump&#8217;s victory in the presidential elections. Since then, Bitcoin has risen by 20% to new ATH, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1169,536],"class_list":["post-18575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-correlation","tag-gold"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18575"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18574"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}