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© Reuters. The correlation between bitcoin and tech stocks is reaching all-time highs and has been increasingly correlated with technology over the past few years. Investors viewed BTC and tech stocks alike, citing risk and upside potential. Blockchain initiatives encouraging technological advancements will strengthen the correlation.
Bitcoin’s association with other markets is growing as analysts note that the market’s biggest asset is seeing a growing correlation with big tech stocks. According to data from Trading View, BTC prices are seeing an increasing correlation with Tesla (NASDAQ:).
In light of this analysis, the correlation raises questions about whether or not bitcoin is a good diversification option. Bitcoin advocates have long argued that the asset’s lack of correlation with other markets makes it a desirable investment.
However, on-chain analyzes show that the lack of correlation fades as more and more investors flood the market.
The post Bitcoin’s Correlation to Tech Stocks Reaches All-Time Highs appeared first on Coin Edition.
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