What made bitcoin rise in price to a one-month high?

jumped more than 2% on Thursday, testing levels above $9600 amid rising gold prices. The first cryptocurrency traded at such levels on June 24.

on Thursday hit 9-year highs, approaching the $1900 mark. The market is rallying due to investors anxious to save their money during the coronavirus pandemic.

The coronavirus has caused a "gold fever" in the world markets. Physical gold traders in New York and London are trying to buy more metal, while investors around the world are buying bullion bars and coins.

According to Skew, on Wednesday, July 22, the bitcoin-gold correlation index exceeded 40%, reaching the highest level in the last four months, coinspot writes. At the end of April, this index fell to record lows (-42.8%).

The interdependence between the two assets is increasing amid investors' desire to find instruments that can protect their savings from inflation.

At the same time, Skew analysts recorded signs of a soon weakening correlation between bitcoin and the U.S. indicator S&P 500. Now this indicator is at its maximum.

However, the U.S. economy has not yet recovered from losses due to the coronavirus pandemic, and the risks of a new stock market crash are still high. If BTC at this point moves on an upward trajectory along with gold, the cryptocurrency will be able to secure its status as a safe haven asset.

"The first cryptocurrency's exchange rate hit a one-month high, reflecting a return of buyer interest. For the most part, this can be attributed to the persistent weakening of the dollar, forcing investors to look for ways to protect their capitals from depreciation.

"Bitcoin is at a very important stage now, as breaking the correlation with the stock market may create an additional impetus for buyers attracted by the asset's independent dynamics in conditions when 'safe havens' are almost non-existent," says the FxPro team of analysts.