Which digital currencies have seen the most growth in correlation with the Nasdaq 100 index?

3 answers

• MockTurtleSep 19, 2020 · 5 years ago
  Sure! In recent times, several digital currencies have shown a strong correlation with the Nasdaq 100 index. Some of the notable cryptocurrencies that have experienced significant growth in correlation include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These cryptocurrencies have seen a positive correlation with the Nasdaq 100 index, indicating that their price movements have mirrored or closely followed the performance of the index. It's important to note that correlation does not imply causation, but it can provide insights into the relationship between these digital currencies and the broader stock market.
  622

  311
• Dack DachMay 28, 2024 · a year ago
  Well, it's no surprise that Bitcoin (BTC) has been one of the digital currencies with the highest correlation to the Nasdaq 100 index. Bitcoin's growing popularity and increasing acceptance as a mainstream investment have led to its price movements aligning with the performance of the Nasdaq 100 index. Ethereum (ETH) has also shown a significant correlation, as it has gained traction in the decentralized finance (DeFi) space and has become a preferred platform for various blockchain-based applications. Other digital currencies like Ripple (XRP) have also exhibited a correlation, albeit to a lesser extent. Overall, these cryptocurrencies have seen substantial growth in correlation with the Nasdaq 100 index, reflecting the increasing integration of digital assets into the traditional financial system.
  810

  270
• Niya JamesNov 12, 2022 · 3 years ago
  As an expert at BYDFi, I can tell you that several digital currencies have demonstrated a strong correlation with the Nasdaq 100 index. Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are among the cryptocurrencies that have experienced significant growth in correlation. This correlation suggests that the price movements of these digital currencies have closely followed the performance of the Nasdaq 100 index. It's worth noting that correlation does not necessarily imply causation, but it does indicate a relationship between these digital assets and the broader stock market. Investors and traders often monitor these correlations to gain insights into potential investment opportunities and market trends.
  714

  179