Analyst: Bitcoin's correlation with gold is as high as 0.7. Compared to US tech stocks, Bitcoin exhibits a closer resemblance to gold

BlockBeats News, April 28th, CoinDesk analyst James Van Straten stated that as of now, Bitcoin has dropped by about 1.5% since December 31st last year, performing between the 24% increase in gold and the over 7% drop in the Nasdaq 100 index. Therefore, positioning Bitcoin as a leveraged tech stock or digital gold leans slightly towards the digital gold view, but only to a certain extent.

By analyzing the correlation of Bitcoin's 30-day moving average, it currently shows a strong correlation with gold, reaching 0.70, while having a weaker correlation with the Nasdaq 100 index, at 0.53. This indicates that Bitcoin's performance is closer to that of gold rather than tech stocks. The correlation coefficient ranges from 1 (strong positive correlation) to -1 (strong negative correlation).

Last week, Bitcoin's price rose by 10%, marking its best performance since a significant price increase after President Trump's election victory on November 17th last year. Meanwhile, Trump's tariff policy continues to exacerbate economic uncertainty.