Bitcoin behaved more like one of the world’s most historic currencies in March, as the largest cryptocurrency by market cap exhibited a strong correlation to gold.

The value of the two assets moved in similar directions throughout the month, edging higher as a banking crisis reared its head in the U.S. and toppled several institutions like Silicon Valley Bank—which eventually spilled over to shutter European giants like Credit Suisse.

The correlation between Bitcoin and gold currently stands around 50%, according to blockchain analytics firm Kaiko. It represents the strongest connection between the two assets in more than a year, Kaiko analyst Dessislava Aubert told Decrypt.

“It’s a significant shift because over the course of 2022 Bitcoin and gold were mostly uncorrelated,” she said. “So, it was not moving as a safe haven [asset] at all.”

Over the past month, Bitcoin has rallied 25% to around $28,000, notching its third positive month in a row despite regulatory headwinds. Meanwhile, gold has risen over 8% during the past month, nearing an all-time high of`$1,988 per troy ounce on Monday.

Cryptocurrencies aren’t typically viewed as a safe haven asset—they’re generally seen as risky investmen

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Author: André Beganski

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