Bitcoin’s (BTC) correlation with gold reached a multi-year high last week and is presently above 50%, exceeding its correlation with U.S. stocks. 

Indeed, Bitcoin has withstood the current instability in the financial industry and mounting regulatory uncertainty very well, skyrocketing by over 70% YTD, greatly surpassing traditional asset classes as they see ‘digital gold’ as a potential store of value.

Together with on-chain statistics indicating a growing percentage of Bitcoin long-term investors, this may suggest that Bitcoin’s appeal as a haven asset is on the ascent, according to data from Kaiko published on April 3.

Gold climbs 8% since March bank crisis began

Notably, both the flagship digital asset and the precious metal suffered significant declines last year. However, gold has also seen a price increase of 8.6% since the collapse of Silvergate on March 8 brought about the banking crisis, bringing the price closer to its all-time high of $2,000, which was obtained shortly after the start of Russia’s invasion of Ukraine.