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Home»Bitcoin»Bitcoin follows gold as both rise to their highest values ​​since August
Bitcoin

Bitcoin follows gold as both rise to their highest values ​​since August

2023-10-20No Comments3 Mins Read
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  • On October 19, Bitcoin and gold prices rose to a two-month high.
  • BTC’s fund market premium showed increased activity from institutional investors since the beginning of the month.

Bitcoin [BTC] and gold climbed to their highest values ​​since August during the intraday trading session on October 19, with BTC rising above $28,000 and gold rising above $1,950.

📈💸 With the #dollar returns around the 2023 peak, this increase in fiat value has normally had a negative impact #crypto. But at least with #Bitcoin, a 2-month high could still be reached today. Digital gold and physical gold are rising simultaneously. https://t.co/OJBmNP9aQF pic.twitter.com/EKvrJzKqXs

— Santiment (@santimentfeed) October 19, 2023


How much are 1,10,100 BTCs worth today?


A review of the 30-day correlation coefficient between BTC and gold showed a significant increase in the correlation between the two assets over the past week.

When this happens, it means that the prices of the two assets move in sync. At the time of writing, this correlation stood at 0.04 and has grown by more than 100% over the past seven days, data from InHetBlok.

Source: IntoTheBlock


Read Bitcoin’s [BTC] Price forecast 2023-24


Institutional investors are taking a look at BTC

A notable cause of a strong correlation between gold and BTC is an increase in institutional investments.

A review of the BTC fund market premium measure found that over the past week there was an increase in the eagerness of institutional investors to invest their money in investment assets (BTC trust) that derive their price from the currency’s price movements.

The market premium of a fund refers to the difference between the market price of a fund and its net asset value (NAV). A fund market premium can occur when investors are willing to pay more for a fund than its net asset value.

See also  Bitcoin rushes past $65,000 as Powell hints at a policy change: next stop $70,000?

This could be due to various factors such as fund performance, investment strategy or general market sentiment.

According to BTC data, the market premium of the BTC fund has increased by more than 10% in the past week CryptoQuant.

On a monthly basis (MTD) this has increased by 27%. This suggested a steady influx of institutional funds into BTC investment assets, hence the growth in the coin’s correlation with gold.


Is your portfolio green? Check out the BTC profit calculator


Price continues to rise, analyst brings good news

In a recent one reportpseudonymous CryptoQuant analyst Dan Lim opined that BTC’s price could see a further rally in the current cycle.


Read Bitcoin’s [BTC] Price forecast 2023-24


Lim assessed the relationship between BTC’s short-term Spent Output Profit Ratio (STH-SOPR) and its Bollinger Bands (BB). He found that the STH-SOPR indicator had hit the bottom part of the coin’s BB.

When this happens, it means short-term investors are selling at a loss. According to Lim, this was a bullish signal as it suggested that short-term investors had pent-up demand to buy BTC once the price recovers.

Source: CryptoQuant



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August Bitcoin Gold highest Rise values
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