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24 November 2020

Report: Bitcoin Set for its Biggest Breakout Yet | Market Updates Bitcoin News

Report: Bitcoin Set for its Biggest Breakout Yet | Market Updates Bitcoin News


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In the report, the authors say bitcoin, which has had a low correlation with both gold and the U.S.

According to the data, the bitcoin and gold correlation has been positive (above 0) for much of 2020 while the digital asset’s correlation with the US dollar has stayed negative during the same period?

Meanwhile, the report also points to another important signal, “the percent of supply held for at least one year (or in other words, the percent of supply that has not been moved on-chain as part of a transaction).” According to Coinmetrics, “as of October 25th, about 62.5% of the total BTC supply had been held for at least 1 year, which is close to all-time highs.”

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