Are there any cryptocurrencies that are closely correlated with the Nasdaq 100 price?

3 answers

• Dec 29, 2021 · 3 years ago
  Yes, there are cryptocurrencies that exhibit a close correlation with the Nasdaq 100 price. One example is Ethereum (ETH), which has shown a positive correlation with the Nasdaq 100 index in recent years. This means that when the Nasdaq 100 index goes up, Ethereum tends to follow a similar upward trend. However, it's important to note that correlation does not imply causation, and the relationship between the Nasdaq 100 and cryptocurrencies can change over time. Therefore, it's crucial to conduct thorough research and consider other factors before making any investment decisions.
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• Dec 29, 2021 · 3 years ago
  Absolutely! Bitcoin (BTC) is another cryptocurrency that has shown a correlation with the Nasdaq 100 price. While the correlation may not be as strong as with Ethereum, there have been periods where Bitcoin's price movements have mirrored those of the Nasdaq 100. It's worth noting that Bitcoin is often considered a safe haven asset, and during times of market uncertainty, investors may flock to Bitcoin, leading to a correlation with traditional stock market indices like the Nasdaq 100.
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• Dec 29, 2021 · 3 years ago
  Indeed, there are cryptocurrencies that closely track the Nasdaq 100 price. One platform that offers such a cryptocurrency is BYDFi. BYDFi has developed a token called NASDAQ100 (NDX), which is designed to mirror the performance of the Nasdaq 100 index. This token allows investors to gain exposure to the Nasdaq 100 through the blockchain technology. It's important to do your own research and consider the risks associated with investing in cryptocurrencies before making any decisions.
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