• About
  • FAQ
  • Earn Bitcoin while Surfing the net
  • Buy & Sell Crypto on Paxful
Newsletter
Approx Foundation
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Approx Foundation
No Result
View All Result
Home Bitcoin

Free Bitcoin: BTC-Nasdaq Correlation Dips Into Negative

approx by approx
December 23, 2023
in Bitcoin
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Data shows the Bitcoin correlation to Nasdaq has plunged recently, suggesting that the cryptocurrency is moving more independently now.

Bitcoin 60-Day Correlation With Nasdaq Is Now Underwater

According to data from the analytics firm Kaiko, BTC has recently become less correlated to traditional assets recently. The “correlation” refers to a metric that keeps track of how tied the prices of any two assets are.

When the value of this metric is positive, there exists some positive correlation between the given assets. What this means is that the price of one asset reacts to movements in the other by moving in the same direction. The closer is this value to 1, the stronger is the correlation.

On the other hand, negative values imply that while there is some correlation between the prices, it’s a negative one. This suggests that the assets have been reacting to each other by moving in the opposite directions. In this case, the extreme where this correlation becomes the strongest is -1.

Naturally, when the indicator’s value is around zero, it means that there exists no correlation whatsoever between the two prices, as their movements are independent of each other.

Now, here is a chart that shows the trend in the 60-day correlation between Bitcoin and Nasdaq over the past year:

Bitcoin Correlation With Nasdaq

The value of the metric seems to have sharply gone down over the last few weeks | Source: @KaikoData on X

As is apparent from the chart, the correlation between the assets is displayed as a percentage here (with 100% naturally corresponding to the extreme point of 1).

It would appear that the Bitcoin correlation with Nasdaq had been at notable, but not too high levels throughout the rest of the year, but recently, the indicator’s value has seen a plunge.

The metric has entered inside the negative territory now, meaning that the two assets have been moving opposite to each other over the last 60 days. The correlation is still quite close to 0, though, so in reality there is only a very slight relationship present between the two now.

Bitcoin, which had been shackled to the stock market‘s performance for a while, now finally appears to be travelling independently from the prices of these traditional assets.

The correlation is a useful indicator to watch if the aim of an investor is to diversify their portfolio. If the investor adds two highly correlated assets to their portfolio, they wouldn’t get any benefits of diversification, as their risk would remain about the same.

Since Bitcoin is moving independently to Nasdaq now, it could make up for an ideal diversification option for the traders of the traditional asset.

BTC Price

Bitcoin had plunged towards the $40,500 mark just a few days back, but the cryptocurrency appears to have been made some recovery as it’s now trading around the $43,700 level.

Bitcoin Price Chart

Looks like BTC has made some recovery over the last few days | Source: BTCUSD on TradingView

Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Kaiko.com





Source link

Related articles

XRP Futures Set CME Speed Record—Ahead Of BTC And ETH

XRP Futures Set CME Speed Record—Ahead Of BTC And ETH

August 26, 2025
Crypto Analyst Says XRP Bull Run Hasn’t Begun, Sets Course For $37

Crypto Analyst Says XRP Bull Run Hasn’t Begun, Sets Course For $37

August 26, 2025
Share76Tweet47

Related Posts

XRP Futures Set CME Speed Record—Ahead Of BTC And ETH

XRP Futures Set CME Speed Record—Ahead Of BTC And ETH

by Moussa
August 26, 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure CME Group said late Monday that its...

Crypto Analyst Says XRP Bull Run Hasn’t Begun, Sets Course For $37

Crypto Analyst Says XRP Bull Run Hasn’t Begun, Sets Course For $37

by Moussa
August 26, 2025
0

XRP’s price action this cycle has been full of notable bull runs. However, according to a crypto analyst known pseudonymously...

Sharplink Gaming Boosts ETH Treasury to Nearly 800,000

Sharplink Gaming Boosts ETH Treasury to Nearly 800,000

by Moussa
August 26, 2025
0

Sharplink Gaming, Inc. has increased its ethereum ( ETH) holdings to 797,704 ETH, valued at approximately $3.7 billion, as of...

peer discovery – how to obtain the IP addresses of nodes for mining pools?

bitcoin core – How To Reach My Funds From My Wallet Years Ago

by Moussa
August 26, 2025
0

The text beginning with "L1aC2" could potentially be a private key for a wallet. You have the option to import...

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

by Moussa
August 26, 2025
0

Join Our Telegram channel to stay up to date on breaking news coverage The non-fungible token technology continues to revolutionize...

Load More

youssufi.com

sephina.com

[vc_row full_width="stretch_row" parallax="content-moving" vc_row_background="" background_repeat="no-repeat" background_position="center center" footer_scheme="dark" css=".vc_custom_1517813231908{padding-top: 60px !important;padding-bottom: 30px !important;background-color: #191818 !important;background-position: center;background-repeat: no-repeat !important;background-size: cover !important;}" footer_widget_title_color="#fcbf46" footer_button_bg="#fcb11e"][vc_column width="1/4"]

We bring you the latest in Crypto News

[/vc_column][vc_column width="1/4"][vc_wp_categories]
[/vc_column][vc_column width="1/4"][vc_wp_tagcloud taxonomy="post_tag"][/vc_column][vc_column width="1/4"]

Newsletter

[vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row]
No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2024 APPROX FOUNDATION - The Crypto Currency News