$BTC Bitcoin (BTC) has returned to positive territory for the first time in nearly two months by the end of the year, approaching the mark of $95,000 and offsetting a decline of as much as 18%.

Its current figures, having risen by less than 1.5% since December 31, place it between gold, which has risen by 24%, and the Nasdaq 100, which has fallen by more than 7%. As a result, the narrative positioning Bitcoin as a leveraged tech stock or digital gold slightly leans towards the narrative of digital gold. But only slightly.

Analyzing Bitcoin's correlation ratios based on a 30-day moving average, the largest cryptocurrency by market capitalization now shows a strong correlation of 0.70 with gold and a weaker correlation of 0.53 with the Nasdaq 100. This indicates that Bitcoin aligns more closely with the behavior of gold than with tech stocks. Correlation values can range from 1, indicating strong positive correlation, to -1, indicating strong negative correlation.