Advocates of bitcoin often compare the digital currency to gold for its finite supply and store-of-value characteristics. While BTC hasn’t come close to dethroning gold as the world’s most trusted safe-haven, it has steadily outperformed bullion amid the latest recovery. This has some people asking whether virtual currencies are eating away into gold’s demand.
Inverse Relationship
Strategists have identified a strong inverse trading pattern between gold and bullion stretching all the way back to the fall, right around the time that cryptocurrencies rebounded from a China-induced selloff. As bitcoin and other cryptos surged, gold experienced a steep fall from a high above $1,351 in early September to a low of $1,241 just three months later.
As bitcoin cooled down in the new year, gold resumed its upward trajectory and eventually peaked near $1,370 at the end of January.
Below are the charting patterns for gold and bitcoin going back one full year.
Read more here : http://www.wahyuwidia.com/2018/04/analysis-bitcoin-and-gold-are-trading.html
Great read! I’m not a huge fan of gold as I see silver having far more upside on the metals side of things. Upvoted and followed!
Thank you, I am also not a big fan of gold, but I am a fan of bitcoin and altcoin. I think it's a great investment. I have followed you....
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