Bitcoin Still Undervalued, Correlation with Nasdaq Indicates

IconCNT15 May, 2024

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Bitcoin Still Undervalued, Correlation with Nasdaq Indicates

Analysis from cryptocurrency service provider Matrixport shows that the 30-day correlation coefficient between Bitcoin (BTC) and the Nasdaq is 42%. This indicates that Bitcoin is still undervalued. When the Nasdaq reaches a new high, the price of Bitcoin should follow suit and rise accordingly. This correlation has historically indicated that Bitcoin's price is influenced by factors that also affect technology stocks. Previously on May 15, 2024, Matrixport reported that the correlation between BTC and Nasdaq was 42%, suggesting that BTC was undervalued.