Someone the other day told me there's no evidence bitcoin's price tracks, predicts, or follows equities. My observation is that it does, it's unmistakable. Again, so far in my opinion it is not a form of digital gold.
For the most part it has a inverse relationship with equities, when fear strikes over long term gold spikes. It will be interesting to see if this holds up, you never know it might one day, but right now people pull money out of blockchain when markets turn down, not quite trusting it with their wealth like they do commodities like precious metals.
Also why I believe having them backed by commodities will strengthen their appeal during downward trends in the market.
Source :
https://www.zerohedge.com/news/2018-02-22/bitcoin-drops-back-below-10k-catches-down-nasdaq