Recent months have seen the price of Bitcoin break away from the Nasdaq 100 (NDX) index, indicating that the cryptocurrency is becoming less dependent on the circumstances of the conventional stock market.
The price of Bitcoin has increased by 10% over the last 30 days, according to data from CoinMarketCap, while the Nasdaq 100 index has decreased by 5% during the same time frame. Over the previous few months, this difference has been seen, with Bitcoin soaring while the Nasdaq 100 has declined.
This dissociation could have a number of causes. It's possible that instead of using Bitcoin as a safety net against stock market volatility, investors are starting to view it as a stand-alone risk investment.
Another theory is that the fundamentals of Bitcoin, such its scarcity and potential as a store of value, are drawing in more and more attention from investors. Despite conventional stock market conditions, these fundamentals may be driving the price of Bitcoin.
Whatever the cause, Bitcoin's separation from the Nasdaq is encouraging for the cryptocurrency's future. It implies that Bitcoin is becoming more widely accepted as a digital money and that it is developing as an investment.
The price chart for Bitcoin indicates that since the year's commencement, the cryptocurrency has been rising. In recent months, this trend has picked up speed, pushing Bitcoin over its all-time high of $69,000.
Additionally, it can be seen from the price chart that Bitcoin has been moving separately from the Nasdaq 100 index. This change may be a sign that Bitcoin is about to enter a new development phase where typical stock market conditions won't have as much of an impact.
The news that Bitcoin has separated from the Nasdaq is encouraging for the cryptocurrency's future. It implies that Bitcoin is becoming more widely accepted as a digital money and that it is developing as an investment.
Given the increasing acceptance and popularity of Bitcoin among investors and consumers, it is likely that this trend will continue in the years to come.