Bitcoin vs. Nasdaq 100

Interpretation

The ratio in the chart above divides the price of Bitcoin by the Nasdaq 100 index value. When the ratio rises, bitcoin is outperforming the Nasdaq 100 - and when it falls, the Nasdaq 100 is outperforming bitcoin. The chart's yAxis uses a linear scale by default, but can be toggled to logarithmic.
The Nasdaq-100 (NDX) is an equity index of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is heavily weighted towards U.S. tech and growth names (e.g., the "Magnificent 7") and represents ownership in businesses with tangible earnings and cash flows.
Bitcoin, conversely, is a decentralized digital asset. Its supply is algorithmically capped and halving-driven, with no earnings, buybacks, or dividends. Its valuation is mostly driven by narratives, adoption, and global liquidity, making it closer to a monetary asset or commodity.
Comparing Bitcoin to the Nasdaq-100 is essentially a choice between a maturing, high-beta macro/liquidity asset with extreme upside and crash risk, and a diversified, growth-heavy equity index with lower but more stable returns and clearer cash-flow backing. Recently, the two have shown a strong positive correlation, with Bitcoin often acting as a "leveraged" tech proxy.

Data Sources

• Stooq: Bitcoin Cryptocurrency USD (BTC.V)
• FRED: Nasdaq 100 Index

Further Information

• Grayscale: Nasdaq-100 vs. Bitcoin
• andersbrownworth.com Blockchain Demo
• bitcoin.org Whitepaper
• Investopedia: What is Bitcoin?
• LongtermTrends: Ethereum vs. Bitcoin
• LongtermTrends: Bitcoin vs. Gold
• LongtermTrends: Cryptocurrencies

Bitcoin vs. Nasdaq 100 Price Changes

This chart compares the percentage price change of Bitcoin and Nasdaq 100.

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Interpretation

This chart gives a different view of the data from the charts above, comparing the percentage change between the prices of bitcoin and the Nasdaq 100 over time.

The Correlation Between Bitcoin and Nasdaq 100

This chart shows the 1-year rolling correlation between the price of Bitcoin and Nasdaq 100. The correlation coefficient fluctuates between positive and negative, indicating how the two assets move in relation to each other over time.

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Interpretation

The chart above displays the 1-year rolling correlation coefficient between the price of bitcoin and the Nasdaq 100. A correlation coefficient of +1 indicates a perfect positive correlation, meaning that the price of bitcoin and the Nasdaq 100 moved in the same direction during the specified time window. Conversely, a correlation coefficient of -1 indicates that they moved in opposite directions.