- Bitcoin’s YTD returns hit 34%, narrowing its lead over NASDAQ’s 20% gain.
- Both assets faced similar market pressures, leading to a recent decline.
- Bitcoin trades at $60,846, slightly above its 200-day SMA, after a 2% rally.
The NASDAQ 100 has shown impressive gains in August, narrowing the gap with Bitcoin’s year-to-date (YTD) performance. Bitcoin is up roughly 34% YTD, while the NASDAQ has climbed 20%.
The current year has been relatively quiet for Bitcoin, with few major catalysts. According to Ecoinmetrics , Bitcoin saw a significant surge early in the year, fueled by the launch of spot Bitcoin ETFs in the U.S. This pushed Bitcoin’s YTD returns past 40% by February, while the NASDAQ remained relatively flat.
The NASDAQ eventually hit an all-time high (ATH) of $73,737. However, Bitcoin’s momentum slowed as the year progressed, reducing its gains to 34%.
Between March and August, Bitcoin’s performance became more volatile, with returns swinging between 40% and 60%. Various market factors, including shifts in investor sentiment and broader economic conditions, likely influenced this volatility. Despite these fluctuations, Bitcoin maintained an edge over the NASDAQ 100 for much of this period.
Meanwhile, the NASDAQ 100 showed a steady upward trend from March through June, with YTD returns gradually climbing to around 30%. Although it started the year more slowly than Bitcoin, it gradually caught up, particularly through the summer months. This growth, likely supported by favorable conditions in the technology sector, has narrowed the gap between the two assets’ year-to-date returns.
By July and August, both Bitcoin and the NASDAQ began to show signs of decline. The NASDAQ’s earlier growth momentum slowed, and Bitcoin’s returns dropped.
This convergence suggests that broader market pressures are now impacting both assets similarly. Bitcoin’s higher volatility contrasts with the NASDAQ’s more stable growth, but recent trends indicate they’re now facing similar market influences.
As of press time, BTC trades at $60,846, rallying 2% in the last intraday session. According to Coincodex data , Bitcoin is positioned 1.93% above its 200-day SMA of $59,642.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
