‘Digital Gold’ Label Shifts as XRP Correlation to Gold Outpaces Bitcoin

The same can be said about the association between Litecoin and “digital silver”. The critical analysis of the relationships between cryptocurrencies …

Up until the most recent correction, Bitcoin (BTC) price was repeatedly pushing above $10,300 and attempting to reach a 2020 high above $9,500. 2020 started with a strong upward trend and altcoins followed Bitcoin’s price action, as thoroughly reported in Cointelegraph.

This aggregate trend leaves the door open for a full bullish period ahead since the last Bitcoin high growth period was between April and June 2019.

The volatile behavior observed since the start of the year may be causing the traditional assumptions associated with Bitcoin and other top currencies to be challenged. One of those assumptions is the belief that Bitcoin is closely connected to gold.

Cryptocurrency market monthly overview. Source: Coin360

Cryptocurrency market monthly overview. Source: Coin360

Cryptocurrencies and the precious metals narrative

A previous analysis reported by Cointelegraph has shown that the digital gold narrative attributed to Bitcoin may not be as realistic as investors believe. The lack of a significant relationship between Bitcoin returns and gold returns as well as the low correlations across the years are contributing to the challenge to the narrative.

The same can be said about the association between Litecoin and “digital silver”. The critical analysis of the relationships between cryptocurrencies and precious metals opens the door for further research.

Correlation between top 10 cryptocurrencies and gold

By analyzing the correlations between the top 10 cryptocurrencies in the market and gold returns during January 2020, we unexpectedly found that XRP, rather than Bitcoin, has the strongest correlation to gold. XRP is correlated at 34.1%, while Bitcoin is correlated at 21.5%. Moreover, both Ether (ETH) and Bitcoin Cash (BCH) share a very similar correlation to gold as Bitcoin does with 20.1% and 19% respectively.

In the opposite direction, Tether (USDT) has an inverse correlation with gold at -37.7%. This is surprising since the behavior of a stable coin like USDT could be more correlated with a precious metal like gold than a much volatile coin like Bitcoin.

A correlation of 100% means that each cryptocurrency and gold move completely in the same direction, while -100% correlation means they are inversely related, or in simpler terms, when one goes up, the other goes down. A correlation of 0% means that each cryptocurrency and gold is not related in any way.

Correlation between Bitcoin and the top 9 currencies since Jan. 1, 2020.

Correlation between Bitcoin and the top 9 currencies since Jan. 1, 2020.

By looking at a wider time frame like 2019, the assumption that Bitcoin is more related to gold is sustained. Bitcoin is correlated at 15.5% with gold for the entirety of 2019, being the most correlated currency with gold from the top 10.

As seen before, Bitcoin Cash is the second most correlated currency with Bitcoin at 8.2%, followed by Bitcoin SV (BSV) at 7.3%. For the entirety of 2019, XRP is less correlated (7.1%) with gold than in 2020, challenging the idea that a stronger correlation can be sustained over a long-term period.

Correlation between Bitcoin and the top 9 cryptocurrencies during 2019.

Correlation between Bitcoin and the top 9 cryptocurrencies during 2019.

Outstanding cumulative returns since the start of the year

The start of 2020 witnessed the start of a strong positive trend. If an investor bought any of the top 10 cryptocurrencies between Jan. 1, 2020 and Feb. 9, 2020, they would be looking at a cumulative return of at least 134%, when Tether is excluded from the analysis. From the top 9 currencies, Bitcoin produced the least profit, shifting one’s emphasis to the possible altcoin bull run ahead.

The biggest positive trend was seen by Bitcoin SV and Bitcoin Cash with a cumulative return of 228% and 179%, respectively. Other top coins like Binance Coin (BNB), EOS, Ether, Litecoin, Tezos (XTZ) and XRP offered investors a cumulative return between 138% and 167%. Meanwhile, gold prices grew by slightly more than 4% in January.

Cumulative returns for the top 10 currencies since Jan. 1, 2020.

Cumulative returns for the top 10 currencies since Jan. 1, 2020.

Cumulative returns for gold in January 2020.

Cumulative returns for gold in January 2020.

Which is digital gold, XRP or Bitcoin?

A recent report from Coinbase suggests that Bitcoin will come closer to becoming digital gold due to underlying features of the network which are similar to the ones shared by gold as the scarcity of the asset aligns with the assumed bullish period ahead.

However, the results also show that since the start of the year, XRP has been the cryptocurrency most correlated to gold and Bitcoin follows in second place. As we move further into 2020, the relationship between gold and Bitcoin may come closer to one observed throughout 2019, when the digital asset was the most correlated coin to gold.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Dimension Chain 24 Hour Volume Hits $2.34 Million (EON)

Tezos (XTZ) traded 1.9% higher against the dollar and now trades at $1.33 or 0.00018121 BTC. GXChain (GXC) traded 1.2% lower against the dollar …

Dimension Chain (CURRENCY:EON) traded 4.3% lower against the US dollar during the 1-day period ending at 11:00 AM Eastern on December 30th. In the last week, Dimension Chain has traded down 14.2% against the US dollar. One Dimension Chain token can currently be bought for $0.25 or 0.00003352 BTC on major exchanges including BitMart and Bithumb Global. Dimension Chain has a total market cap of $60.23 million and approximately $2.34 million worth of Dimension Chain was traded on exchanges in the last 24 hours.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

  • Tezos (XTZ) traded 1.9% higher against the dollar and now trades at $1.33 or 0.00018121 BTC.
  • GXChain (GXC) traded 1.2% lower against the dollar and now trades at $0.39 or 0.00005355 BTC.
  • Smoke (SMOKE) traded flat against the dollar and now trades at $0.0444 or 0.00001179 BTC.
  • Apex (CPX) traded up 0.6% against the dollar and now trades at $0.0015 or 0.00000020 BTC.
  • DAPPSTER (DLISK) traded flat against the dollar and now trades at $0.0004 or 0.00000006 BTC.
  • Tezos (Pre-Launch) (XTZ) traded down 16.1% against the dollar and now trades at $3.26 or 0.00049283 BTC.

About Dimension Chain

Dimension Chain (EON) uses the hashing algorithm. It was first traded on March 31st, 2018. Dimension Chain’s total supply is 2,000,000,000 tokens and its circulating supply is 244,783,561 tokens. Dimension Chain’s official Twitter account is @ex_scudo. Dimension Chain’s official message board is medium.com/dimensionchain. The official website for Dimension Chain is dimensionchain.io.

Buying and Selling Dimension Chain

Dimension Chain can be bought or sold on the following cryptocurrency exchanges: Bithumb Global and BitMart. It is usually not currently possible to purchase alternative cryptocurrencies such as Dimension Chain directly using U.S. dollars. Investors seeking to trade Dimension Chain should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Dimension Chain using one of the aforementioned exchanges.

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Ethereum Gold Project Market Capitalization Reaches $47657.00 (ETGP)

Ethereum Gold Project (CURRENCY:ETGP) traded 3.1% lower against the dollar during the one day period ending at 8:00 AM ET on December 30th.

Ethereum Gold Project (CURRENCY:ETGP) traded 3.1% lower against the dollar during the one day period ending at 8:00 AM ET on December 30th. During the last seven days, Ethereum Gold Project has traded 10.6% lower against the dollar. Ethereum Gold Project has a total market capitalization of $47,657.00 and approximately $30,051.00 worth of Ethereum Gold Project was traded on exchanges in the last day. One Ethereum Gold Project token can currently be purchased for $0.0000 or 0.00000000 BTC on popular exchanges including Mercatox, Hotbit and Token Store.

Here is how similar cryptocurrencies have performed during the last day:

  • Huobi Token (HT) traded 0.6% lower against the dollar and now trades at $2.80 or 0.00037999 BTC.
  • Maker (MKR) traded up 1.7% against the dollar and now trades at $444.52 or 0.06026872 BTC.
  • Crypto.com Coin (CRO) traded 0.7% lower against the dollar and now trades at $0.0344 or 0.00000466 BTC.
  • IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.
  • FTX Token (FTT) traded down 0.6% against the dollar and now trades at $2.20 or 0.00029867 BTC.
  • OKB (OKB) traded up 2.9% against the dollar and now trades at $2.72 or 0.00036822 BTC.
  • Sai (DAI) traded up 0.3% against the dollar and now trades at $1.01 or 0.00011869 BTC.
  • Seele (SEELE) traded 0.6% lower against the dollar and now trades at $0.14 or 0.00001874 BTC.
  • ZB Token (ZB) traded up 0.7% against the dollar and now trades at $0.19 or 0.00002571 BTC.
  • THETA (THETA) traded up 5.5% against the dollar and now trades at $0.0923 or 0.00001252 BTC.

Ethereum Gold Project Token Profile

Ethereum Gold Project (CRYPTO:ETGP) is a token. Its launch date was October 13th, 2017. Ethereum Gold Project’s total supply is 6,000,000,000 tokens and its circulating supply is 5,874,571,479 tokens. Ethereum Gold Project’s official website is www.etgproject.org. Ethereum Gold Project’s official Twitter account is @

and its Facebook page is accessible here.

Ethereum Gold Project Token Trading

Ethereum Gold Project can be purchased on the following cryptocurrency exchanges: Mercatox, Token Store and Hotbit. It is usually not presently possible to purchase alternative cryptocurrencies such as Ethereum Gold Project directly using U.S. dollars. Investors seeking to acquire Ethereum Gold Project should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ethereum Gold Project using one of the exchanges listed above.

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Paxos Standard Tops 24 Hour Trading Volume of $226.02 Million (PAX)

One Paxos Standard token can currently be bought for $1.01 or 0.00013703 BTC on major exchanges including Bittrex, Coinsuper, BitMart and BitMax …

Paxos Standard (CURRENCY:PAX) traded 0.2% lower against the U.S. dollar during the 1 day period ending at 7:00 AM ET on December 30th. Paxos Standard has a market cap of $229.42 million and $226.02 million worth of Paxos Standard was traded on exchanges in the last 24 hours. One Paxos Standard token can currently be bought for $1.01 or 0.00013703 BTC on major exchanges including Bittrex, Coinsuper, BitMart and BitMax. During the last week, Paxos Standard has traded 0% lower against the U.S. dollar.

Here’s how similar cryptocurrencies have performed during the last 24 hours:

  • POPCHAIN (PCH) traded up 1.5% against the dollar and now trades at $0.0022 or 0.00000030 BTC.
  • Origin Sport (ORS) traded down 2.3% against the dollar and now trades at $0.0060 or 0.00000081 BTC.
  • HoryouToken (HYT) traded 1.4% higher against the dollar and now trades at $0.0007 or 0.00000009 BTC.
  • Vezt (VZT) traded flat against the dollar and now trades at $0.0123 or 0.00000129 BTC.
  • ORS Group (ORS) traded down 2.1% against the dollar and now trades at $0.0204 or 0.00000386 BTC.

About Paxos Standard

Paxos Standard (CRYPTO:PAX) is a proof-of-work (PoW) token that uses the ETH Token hashing algorithm. It launched on September 10th, 2018. Paxos Standard’s total supply is 227,849,144 tokens and its circulating supply is 227,848,504 tokens. Paxos Standard’s official Twitter account is @

and its Facebook page is accessible here. The official website for Paxos Standard is paxos.com/standard. Paxos Standard’s official message board is medium.com/@PaxosStandard.

Buying and Selling Paxos Standard

Paxos Standard can be bought or sold on these cryptocurrency exchanges: OKCoin, Crex24, WazirX, Kyber Network, HitBTC, BCEX, Coinall, KuCoin, MXC, Coinsuper, Sistemkoin, Bittrex, Coinbit, Iquant, Bitfinex, Bit-Z, CoinExchange, BitMart, BW.com, BitMax, ZB.COM, C2CX, Gate.io, CoinBene, Binance, CoinPlace, GBX Digital Asset Exchange, ABCC, FCoin, CoinEx, OKEx, Bitrue, DigiFinex, P2PB2B, SouthXchange, Hotbit, DDEX, BigONE and TOKOK. It is usually not possible to buy alternative cryptocurrencies such as Paxos Standard directly using U.S. dollars. Investors seeking to acquire Paxos Standard should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Paxos Standard using one of the exchanges listed above.

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Shift (SHIFT) Hits 24 Hour Trading Volume of $194.00

One Shift coin can now be purchased for approximately $0.0628 or 0.00000854 BTC on popular exchanges including Upbit, IDAX, Bittrex and …

Shift logoShift (CURRENCY:SHIFT) traded down 0.5% against the US dollar during the 1-day period ending at 7:00 AM Eastern on December 30th. Shift has a market cap of $856,825.00 and $194.00 worth of Shift was traded on exchanges in the last day. During the last seven days, Shift has traded down 5.3% against the US dollar. One Shift coin can now be purchased for approximately $0.0628 or 0.00000854 BTC on popular exchanges including Upbit, IDAX, Bittrex and Livecoin.

Here’s how similar cryptocurrencies have performed during the last day:

  • Ubiq (UBQ) traded up 3.1% against the dollar and now trades at $0.0597 or 0.00000811 BTC.
  • Expanse (EXP) traded 0.8% higher against the dollar and now trades at $0.0271 or 0.00000369 BTC.
  • Pirl (PIRL) traded up 2.2% against the dollar and now trades at $0.0061 or 0.00000083 BTC.
  • Travelflex (TRF) traded flat against the dollar and now trades at $0.0017 or 0.00000020 BTC.
  • Atheios (ATH) traded up 39.5% against the dollar and now trades at $0.0005 or 0.00000007 BTC.
  • UR (UR) traded flat against the dollar and now trades at $0.0005 or 0.00000006 BTC.

About Shift

Shift (SHIFT) is a distributed proof-of-stake (dPOS) coin that uses the Dagger hashing algorithm. Its launch date was October 12th, 2016. Shift’s total supply is 13,644,459 coins. Shift’s official Twitter account is @ShiftNrg and its Facebook page is accessible here. The Reddit community for Shift is /r/ShiftNrg and the currency’s Github account can be viewed here. Shift’s official website is www.shiftnrg.org.

Shift Coin Trading

Shift can be bought or sold on these cryptocurrency exchanges: Upbit, Bittrex, Livecoin and IDAX. It is usually not currently possible to purchase alternative cryptocurrencies such as Shift directly using US dollars. Investors seeking to acquire Shift should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Shift using one of the exchanges listed above.

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