Bitcoin's Correlation With Gold Hits Record High
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84.8% | 29 | $61 388.48 | -3.12% | -13.60% | $1 208 485 849 872 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 77.2% | 38 | $2 984.48 | -2.98% | -17.35% | $358 353 047 497 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000406 | -0.02% | 0.04% | $109 076 204 776 |  |
|
| 4 |  BNB |
Binance Coin predictions | 82.8% | 26 | $548.64 | 0.82% | -8.69% | $82 040 020 707 |  |
|
| 5 |  SOL |
Solana predictions | 76% | 43 | $130.04 | -6.26% | -25.68% | $58 087 512 016 |  |
|
| 6 |  USDC |
USD Coin predictions | 92.4% | 2 | $1.000188 | -0.02% | 0.02% | $32 668 432 844 |  |
|
| 7 |  XRP |
XRP predictions | 78.4% | 44 | $0.489330 | -1.67% | -20.96% | $26 971 817 408 |  |
|
| 8 |  TON |
Toncoin predictions | 73.2% | 54 | $5.98 | -6.66% | -19.82% | $20 743 980 105 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 67.2% | 60 | $0.143359 | -8.36% | -28.86% | $20 634 077 650 |  |
|
| 10 |  ADA |
Cardano predictions | 76% | 51 | $0.441813 | -3.04% | -25.57% | $15 737 610 314 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 58.4% | 85 | $0.000022 | -3.16% | -22.81% | $12 774 938 982 |  |
|
| 12 |  AVAX |
Avalanche predictions | 68.8% | 66 | $33.78 | -3.10% | -28.64% | $12 770 024 934 |  |
|
| 13 |  STETH |
Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  TRX |
TRON predictions | 89.2% | 14 | $0.109446 | -2.84% | -9.01% | $9 589 457 123 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 88.8% | 14 | $0.109412 | -2.96% | -8.90% | $9 586 401 601 |  |
