Bitcoin (BTC) and Nasdaq Price Correlation
In recent days, the correlation between Bitcoin (BTC) and the Nasdaq stock index has reached its weakest point in 2 years. The king of the cryptocurrency market is moving differently from United States stocks, particularly tech stocks, which performed well during the cryptocurrency bear market. The question is, is this disengagement from United States stock markets good for Bitcoin?
Minimal Correlation Between Bitcoin (BTC) and Nasdaq Prices
Bitcoin’s price has increased by about 25% in the past 30 days, while Nasdaq’s price shows a less pronounced increase of 9.73%, indicating a clear divergence in the correlation between the two assets. Historically, the correlation between Bitcoin (BTC) and Nasdaq has alternated between strong connection and periods of complete price action independence. As of now, the correlation between Bitcoin (BTC) and the United States stock exchange index has diminished to -0.20%, indicative of two disconnected charts.
Bitcoin (BTC) and Tech Stocks
The relationship between the price of Bitcoin (BTC) and United States tech stocks, such as Alphabet, Amazon, Apple, Intel, Meta, Microsoft, and Nvidia, has likewise seen a whole lot of decrease in correlation, as of now at 12.8%, its weakest point in two years. This indicates that Bitcoin (BTC) has reached a level of maturity, trading with consistency independent of United States stock markets.
Overall Outlook for Bitcoin
Bitcoin’s price is over $37,000 with a market capitalization of $666.9 billion, and it has seen a whole lot of increase in volume of trading. Its dominance is as of now at 49.36%, hinting at a positive trend season. On the derivatives market front, traders’ interest in Bitcoin (BTC) has increased significantly.
Hot Take: The Future of Bitcoin
With an increasing interest from financial traders and the capacity approval of a spot ETF for Bitcoin, the market is poised for a positive trend to continue. Nonetheless, before the start of the real positive trend market that will open the door to a new record-breaking peak for Bitcoin, a few months of slight pain may pass.
Leo Nomist emerges as a maestro harmonizing the roles of crypto analyst, tenacious researcher, and editorial virtuoso, creating an unparalleled symphony of insight. Amidst the intricate world of digital currencies, Leo’s perspectives resonate like finely tuned chords, capturing the attention of curious minds from diverse horizons. His talent for deciphering complex threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into a captivating composition of understanding.
