Analysis: There is almost no correlation between Bitcoin and gold prices

Although bitcoin and gold are often compared and discussed in the crypto space, recent research confirms that they are not actually related. In the U.S.-Iraq conflict, the price of gold and bitcoin soared at the same time as investors began buying these assets out of fear of an economic collapse. However, after studying the long-term data, the researchers found that there was no actual connection between the two assets. To determine if there is a correlation between BTC and gold, the researchers used a 90-day Spearman rank correlation calculation, while using data from Coin Metrics. The Spearman rank correlation calculation measures price correlation by assigning three values ​​(-1, 0, and 1) to the price. A value of 1 indicates complete correlation. 0 means no correlation between assets. Finally, -1 indicates a complete negative correlation. After researching the data, researchers found that the correlation between BTC and gold has been between 0 and 0.2 since 2013, which means that there is almost no correlation between the two prices. In other words, there is no similarity in the past performance of these two assets, at best it is a coincidence.