Data from charting platform TradingView shows that the 90-day and 52-week correlation coefficient between bitcoin and Nasdaq-listed chip maker Nvidia has risen above 0.80.The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin's correlation to NVIDIA is the strongest.
The positive correlation is noteworthy as several analysts believe the surge in NVIDIA represents an A I bubble that could soon burst in five years. Bitcoin's market cap has jumped to $1.43 trillion from 70 billion. Similarly, Nvidia's market value has increased to over $2 trillion from around 100 billion. The growing demand for NVIDIA processors from chat GP T and other generative A I projects has been primarily responsible for the surge in the chip makers valuations.
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Source: CNBC - 🏆 12. / 72 Read more »