Bitcoin
BTC$41 899.34

-4.94%

Ethereum
ETH$2 868.68

-7.93%

Cardano
ADA$2.21

-1.36%

Tether
USDT$1.000855

0.04%

Binance Coin
BNB$346.29

-8.40%

XRP
XRP$0.923671

-6.99%

Bitcoin's Correlation With Gold Hits Record High


10 Sep 2020   #Bitcoin

The 60-day correlation between the two assets is hovering at record highs above 0.5, according to Coin Metrics data. The positive correlation has strengthened sharply since the beginning of July, as the U.S. dollar started taking a beating against other major currencies. The sell-off in the greenback, the global reserve currency, is seen as boding well for scarce assets like bitcoin and gold.

The strengthening of the positive correlation appears to validate the popular narrative that bitcoin is a store of value and a haven asset. Some investors believe it is sound money, like gold. As such, the cryptocurrency’s sensitivity to movements in risk assets, mainly equities, could lessen. Bitcoin defended the $10,000 support for the fifth straight day on Monday, despite losses on Wall Street.

The repeated defense of the critical support, coupled with several bullish developments in on-chain metrics, suggests scope for a recovery rally. Bitcoin’s hashrate, or computing power, has risen to fresh record highs near 150 exahashes per second, according to Glassnode. That suggests miners remain unfazed by bitcoin’s recent decline from $12,400 to $10,000. Further, the percentage of bitcoin unmoved in over three years has hit a two-year high of 30.91%, according to data source Glassnode.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 27 $41 899.34 -4.94% -11.36% $788 750 305 790 $40 244 099 648
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 868.68 -7.93% -16.93% $337 514 704 145 $23 836 267 851
3 Cardano (ADA) ADA Cardano predictions 64.8% 78 $2.21 -1.36% -6.44% $70 707 217 846 $5 577 909 016
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000855 0.04% 0.07% $68 651 337 758 $88 907 999 368
5 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 78 $346.29 -8.40% -15.35% $58 223 895 709 $1 982 362 470
6 XRP (XRP) XRP XRP predictions 73.2% 48 $0.923671 -6.99% -12.99% $43 151 752 355 $4 555 191 572
7 Solana (SOL) SOL Solana predictions 60.4% 83 $136.79 -7.38% -1.67% $40 664 437 987 $3 870 822 815
8 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000356 0.04% 0.03% $30 321 351 717 $3 755 736 180
9 Polkadot (DOT) DOT Polkadot predictions 66% 74 $30.15 -4.22% -10.16% $29 779 247 306 $3 578 542 275
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 78 $0.206773 -7.12% -14.09% $27 173 987 970 $2 153 623 197
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 82 $73.10 -4.94% 10.67% $16 103 697 591 $2 305 680 733
12 Terra (LUNA) LUNA Terra predictions 68% 61 $35.07 -0.28% 0.60% $14 030 135 734 $2 246 791 189
13 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000247 0.03% 0.01% $13 471 537 116 $6 682 279 999
14 UniSwap (UNI) UNI UniSwap predictions 62% 74 $19.30 -10.07% -21.54% $11 806 392 734 $434 612 988
15 Algorand (ALGO) ALGO Algorand predictions 55.6% 89 $1.80 -8.40% -10.75% $10 273 694 698 $980 104 254

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