The price correlation between Bitcoin and technology giant Nvidia (NVDA) has reached its highest level in the last year.
While Bitcoin reaches an all-time high and Nvidia’s As the share value approaches a thousand dollars, the relationship between the two correlation drew attention.
90-day and 52-week correlation between Bitcoin and NVDA according to current data to 0.86 level reached. since July 2020 always positive The trending correlation along with the recent increases To its highest level since January 2023 has reached. This revealed that the price movements between NVDA and Bitcoin started to become quite similar.
Bitcoin reached on March 14 $73,798 from the top decreased by nearly 10% Nvidia is on March 8 reached $973k experienced a similar pullback from its all-time high.
Making a statement on the subject, Chief Investment Strategist Jeremy Grantham hinted that both investment instruments could experience a boom:
Every technological revolution (AI) like this, from the internet to phones to railroads or canals, was accompanied by great excitement and stock market bubbles early on as investors focused on the technology’s ultimate possibilities and priced in most of it. And many such revolutions are, in the end, often as transformative as what the original investors saw, sometimes even more so; but only after a period of significant disappointment during which the first bubble burst.
Nvidia since the beginning of the year 77%Bitcoin is 62% showed an upward performance. On the other hand, these increases specific to Nvidia, Render (RNDR), Xai (XAI) And Ocean (OCEAN) It led to a significant increase in value in artificial intelligence-based cryptocurrencies such as.