Bitcoin remains firmly in the risk-on asset category. Over the past 12 months, it’s maintained a moderate correlation to the NASDAQ 100, right around its five-year average. At the same time, it has stayed largely uncorrelated to gold and bonds. That’s why this risk-on environment is a strong setup for a breakout toward a new all-time high.

Bitcoin is a rare asset: It’s a growth play and a hedge against fiat debasement. The only thing it’s not? A safe haven. But hey, you can’t do everything. Follow @ecoinometrics for more data-driven insights on Bitcoin and macro.