The post The Convergence of Bitcoin and NASDAQ: What Does it Mean? appeared on BitcoinEthereumNews.com.

Bitcoin’s YTD returns hit 34%, narrowing its lead over NASDAQ’s 20% gain. Both assets faced similar market pressures, leading to a recent decline. Bitcoin trades at $60,846, slightly above its 200-day SMA, after a 2% rally. The NASDAQ 100 has shown impressive gains in August, narrowing the gap with Bitcoin’s year-to-date (YTD) performance. Bitcoin is up roughly 34% YTD, while the NASDAQ has climbed 20%. The current year has been relatively quiet for Bitcoin, with few major catalysts. According to Ecoinmetrics, Bitcoin saw a significant surge early in the year, fueled by the launch of spot Bitcoin ETFs in the U.S. This pushed Bitcoin’s YTD returns past 40% by February, while the NASDAQ remained relatively flat. The NASDAQ eventually hit an all-time high (ATH) of $73,737. However, Bitcoin’s momentum slowed as the year progressed, reducing its gains to 34%. The gap between Bitcoin and the NASDAQ is closing. Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%. It’s been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. pic.twitter.com/LCGf8iuG6d — ecoinometrics (@ecoinometrics) August 22, 2024 Between March and August, Bitcoin’s performance became more volatile, with returns swinging between 40% and 60%. Various market factors, including shifts in investor sentiment and broader economic conditions, likely influenced this volatility. Despite these fluctuations, Bitcoin maintained an edge over the NASDAQ 100 for much of this period. Meanwhile, the NASDAQ 100 showed a steady upward trend from March through June, with YTD returns gradually climbing to around 30%. Although it started the year more slowly than Bitcoin, it gradually caught up, particularly through the summer months. This growth, likely supported by favorable conditions in the technology sector, has narrowed the gap between the two assets’ year-to-date…

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Filed under: News - @ August 22, 2024 6:27 pm