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Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?
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Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?

Samuel Edyme
Samuel Edyme
9 months ago
3 mins read
Bitcoin and NASDAQ Show Tight Correlation:

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Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years.

According to Ecoinmetrics, a platform known for providing insights into the cryptocurrency market, Bitcoin is up more than 30% year-to-date. In comparison, NASDAQ gained around 20% over the same period.

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Bitcoin And NASDAQ: The Tightening Gap

Ecoinmetrics shared a chart in its recent post on X illustrating the narrowing gap and showing how the year-to-date returns for Bitcoin and the NASDAQ have started to converge.

Bitcoin vs NASDAG chart shared by Ecoinmetrics on X
Bitcoin vs NASDAG chart shared by Ecoinmetrics on X

Earlier in the year, BTC saw a significant return spike, particularly following the launch of several Bitcoin ETFs in the US, which boosted BTC prices. However, as the year progressed, Bitcoin’s performance lost steam, allowing NASDAQ to catch up.

This closing gap between Bitcoin and the NASDAQ suggests that Bitcoin is becoming more correlated with traditional financial markets. This shift could have implications for its role as an alternative asset.

The gap between Bitcoin and the NASDAQ is closing.

Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%.

It’s been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. pic.twitter.com/LCGf8iuG6d

— ecoinometrics (@ecoinometrics) August 22, 2024

What Does This Mean For BTC?

According to Ecoinmetrics, “We’re now heading into a period of potential volatility.” This potential volatility could be largely tied to macroeconomic developments, particularly in the United States.

Historically, Bitcoin has shown sensitivity to changes in US monetary policy, especially regarding interest rates. Lower interest rates tend to encourage investment in riskier assets as the returns on traditional savings and bonds decrease, making BTC an attractive alternative for investors seeking higher returns.

However, the flip side of this scenario is the looming risk of a recession, which could dampen investor enthusiasm and lead to a more cautious market environment.

Ecoinmetrics’ analysis suggests that while Bitcoin has held its ground so far, its performance in the coming months will be heavily influenced by the broader economic trend.

The Federal Reserve’s potential rate cuts could provide the liquidity boost needed to drive Bitcoin higher, but if economic conditions deteriorate, BTC may struggle to maintain its current trajectory.

Related Reading

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Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near?

9 months ago

Meanwhile, BTC is currently up 1.4%, with a trading price of $60,575 at the time of writing. It is worth noting that before this current price, the asset had seen a notable spike to trade at nearly $62,000 earlier today.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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