The relation between the values of silver, gold, and BTC remains. The three commodities are moving in a like manner, whatever the position. Lately, the three assets saw a depreciation in their prices.
Some analysts believe that the cost of gold can be used as an index of BTC's behaviour.
Additionally, a similar trend in their prices also suggests that Bitcoin is gradually being seen as a valuable asset for traders.
Throughout the year, BTC movement has been particularly similar to many other asset categories.
While the prices declined amid the economic meltdown in March, basically caused by the increase in the spread of the COVID-19 virus, BTC was moving accordingly with the stock market.
Presently, there's a remarkable similarity between the cost of the two most renowned valuable metals (silver and gold) and BTC.
This is especially evident in the past six days of trading when the costs of these commodities declined. Since early August, gold's price decreased by 6.5%, BTC also reduced by 5%, with silver experiencing a much more significant decrease of about 11%. This means that the three assets are moving in a very similar manner.
Source: Cryptopotato
