Bitcoin Moves in Tandem With Nvidia

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. It's been in over a year, the 90 day and 52 week correlation between Bitcoin and the NASDAQ listed chip maker is well above 0.8. The highest since May 2023. 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. That's it for today's chart of the day. I'm Jens Asi. We will see you next time to unpack more of the data behind top news stories.