BTC Price Increase Gap with Nasdaq Narrows as Crypto Market Sentiment Shifts

IconCryptoNewsTerminal Staff23 Aug, 2024

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BTC Price Increase Gap with Nasdaq Narrows as Crypto Market Sentiment Shifts

Cryptocurrency analysis platform Ecoinometrics recently reported that Bitcoin's (BTC) price has risen by 34% year-to-date, while the Nasdaq index has increased by 20% in the same period. This indicates a narrowing of the price increase gap between the two assets compared to March. In March, BTC's price surged by over 60% year-to-date due to the launch of the spot ETF. In contrast, the Nasdaq index increased by only 10% year-to-date, resulting in a wide gap in price increases between the two assets. However, since June, as BTC's price has declined, the price increase gap between the two assets has narrowed significantly. This narrowing of the price increase gap could indicate a shift in market sentiment, with investors becoming more cautious about cryptocurrencies and turning towards more traditional investments like stocks. It is important to note that cryptocurrency markets are still relatively nascent and can experience significant volatility, so it is difficult to predict how this trend will continue in the long term.

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