According to analyst Charlie Morris, Bitcoin, the leading cryptocurrency, has reached a new record high relative to the tech-heavy Nasdaq index.
The ratio of Bitcoin to Nadsaq futures (the “BitDAQ ratio”) is now at its new peak, surging above 5. Morris believes that the aforementioned threshold is psychologically significant.
This essentially means that one Bitcoin is worth five times the value of a single Nasdaq futures contract.
Bitcoin, which tends to be correlated with traditional tech, has significantly outperformed this sector by acting as a safe haven asset. This is despite the fact that the leading cryptocurrency historically has a rather high correlation with tech stocks.
As reported by U.Today, the cryptocurrency has reached $103,000, hitting its highest level in four months.
