Data from Glassnode shows the Bitcoin correlation to Gold and Silver has taken a plunge toward cyclical lows recently. Bitcoin Correlation With Gold & Silver Has Now Turned Negative According to data from the on-chain analytics firm Glassnode, the latest price action in BTC has decoupled the cryptocurrency from commodities such as Gold and Silver. The “correlation” here is an indicator that tells us how closely Bitcoin has been moving with any particular asset, over a given time period. In the context of the current discussion, the 30-day time period is of interest. When the value of the correlation is positive, it means that the cryptocurrency is mimicking the movements of the other asset currently. Negative values of the indicator, on the other hand, suggest BTC has been moving in the opposite direction to the commodity’s price. Naturally, the higher the value of the metric (whether on the positive or the negative scale), the stronger the response of Bitcoin to movements in the asset in question. The correlation can also attain a value of zero d ..
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