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 positive correlation is noteworthy as several analysts believe the surge in NVDA represents an AI bubble that could soon burst.
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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