The newly formed duo between Bitcoin, the first ever cryptocurrency of the world, and gold, has emerged as a successful business venture which has recorded its highest record in less than 60 days co-relation between each other. The news has spread like a wildfire and experts are saying that the strong-bond between Bitcoin and Gold has successfully brought resilience to Bitcoin against the elements of risks prevailing in the traditional markets.
According to record and statistics published by Coin Metrics data both i.e. Bitcoin and Gold are able to acquire 0.5 higher record than their normal average in their 60 days co-relation history. The co-relation was strengthened further when the US dollar was under-performing against currencies of the world. During various surveys conducted in which Crypto investors were interviewed, the crypto owners were of the view that they knew that this co-relation between the two lucrative assets of the financial world will produce fruitful results and that their belief i.e. Bitcoin is undoubtedly a source of value and an asset haven, has further strengthened for the past two months.
Many are of the view that this is a positive step and in future will enhance the cryptocurrency’s efficiency and performance in assets such as equities which are otherwise considered very risk in terms of cryptocurrency. Though the Bitcoin accrued losses on Wall Street yet it had managed to gain US$ 10,000 support for the consecutive fifth day. Technicians suggest that if Bitcoin continues to get this crucial support alongwith the combination of many bullish developments within the chain metrics, there is every likelihood for a recovery rally.
The computing power of Bitcoin has considerably increased with an average of 150 exahashes recorded in a second. The correlation between the two assets have produced farfetched results allowing the Bitcoin miners to remain unfazed safer than ever before even in the times when Bitcoin’s value got declined as low as US$ 10,000. More noticeable results have also been recorded for example the percentage of Bitcoin which remained unchanged for the past three years, as of today, witnessed a two-year high averaging upto30.91%.