Bitcoin and gold recorded strong performances in 2023 amid geopolitical uncertainties and rising interest rates.
The correlation between Bitcoin (BTC) and gold increased during 2023, according to a recent report from asset manager Fidelity.
Fidelity’s analysis shows Bitcoin’s price decoupled from its previously inverse relationship with interest rates and even rallied despite global rates increasing worldwide, which usually leads to a drop in demand for risk assets. Over the past twelve months, gold prices have followed the same pattern:
In 2023, gold experienced significant fluctuations but showed strong performance against several currencies overall. Gold’s price in United States dollars jumped 14.6% in 2023, with notable variations among different currency pairs. The asset performance was primarily driven by geopolitical risks and central bank demand. Bitcoin, meanwhile, gained 156% in 2023.
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Source: https://cointelegraph.com/news/bitcoin-gold-correlation-surges-2023