Matrixport: Nasdaq and Bitcoin Still Highly Correlated
Matrixport posted an analysis of the Nasdaq and Bitcoin, saying that the Nasdaq and Bitcoin are still highly correlated. The Nasdaq hit an all-time high last night despite a higher-than-expected Producer Price Index (PPI). While the Nasdaq appears to be valued 5% higher than BTC, this would suggest that BTC is undervalued, as the 30-day correlation between the two is still a whopping 42%. This means that as the Nasdaq hits new highs, Bitcoin should hit new highs with it.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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