Bitcoin Correlation With Nasdaq Drops To History Low
Bitcon’s correlation with the Nasdaq has dropped to its lowest level since December 2021, pointing to growing independence as an asset.
In the past few weeks, Bitcoin and the Nasdaq have been trading at odds, with their correlation dipping to the lowest level since December 2021. This means that Bitcoin is becoming less and less influenced by Nasdaq’s movements, a sign of the cryptocurrency’s newfound positional independence.
Analysts’ Take On Bitcoin And Nasdaq
Analysts see this divergence between Bitcoin and Nasdaq as beneficial to both assets.
Crypto analyst Neeraj Sumant suggests that Bitcoin’s reduced correlation to Nasdaq can act as a cushion for both assets in times of market volatility.
He says, “It’s nice to see Bitcoin and Nasdaq drifting away from each other. That way, when one moves the other can remain somewhat impartial, providing traders with a bit more of a stability net.”
Increasing Popularity Of Bitcoin
Not only is Bitcoin’s reduced correlation to Nasdaq a blessing for traders, but it is also a sign that Bitcoin is becoming more accepted and sought after by mainstream investors.
The increased individualism of Bitcoin points to it being much more than just a speculative asset. It is becoming a driving force in the asset world, solidifying its presence as a digital currency.
How Can I Profit From Bitcoin?
If you’re looking to make some profit today, here’s what can you do:
- Understand the basics of Bitcoin and Blockchain technology.
- Select a reliable and secure cryptocurrency exchange.
- Open an account with the crypto exchange.
- Go through the KYC process.
- Link your account to a fiat transaction method.
- Buy some Bitcoin using your fiat currency.
- Sell your Bitcoin at a profit!
Hopefully, this article was helpful and you’re now on your way to becoming a skilled Bitcoin trader! Happy trading!
