Can Bitcoin break out vs. tech stocks again? Nasdaq decoupling paints $100K target - BitcoinEthereumNews.com
BTC/USD vs. Nasdaq Composite weekly price chart. Source: Tuur Demeester, StockCharts.com BTCs price has grown from a mere $0.06 to as high as $69,000 more than a decade after its introduction to the market, as per data tracked by the BraveNewCoin Liquid Index for Bitcoin (BLX). BTC/USD versus Nasdaq Composite monthly price chart. Source: TradingView That amounted to around a 64.50 million percent increase in Bitcoin‘s price since 2010. In comparison, Nasdaq’s returns in the same period come to be nearly 650% — from 20.99 points on June 22, 2020, to 171.54 as of Feb. 18, 2022. As a result, Bitcoin‘s market cap has grown to $755 billion compared to Nasdaq’s $28.68 billion. Will Bitcoin decouple from tech stocks again? Bitcoin‘s history so far has witnessed multiple periods of its strong correlation with U.S. tech stocks. For instance, earlier this month, the cryptocurrency’s correlation efficiency with Nasdaq reached 0.73, almost near its five-year high of 0.74 in 2020, as per data from Bloomberg. Bitcoin and tech stocks price performance since. September 2017. Source: Bloomberg BTC‘s price per token dropped from its record high of $69,000 to below $33,000 last month amid a selloff across broader risk-on markets. The decline was accompanied by the Federal Reserve’s decision to