Bitcoin Surges Despite Nasdaq Dip, Signals Ongoing Bull Market

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BITCOIN,CRYPTO MARKET,NASDAQ

Bitcoin has seen significant gains since the Nov. 5 presidential election, reaching nearly $100,000. Despite the Nasdaq Composite and other major indices declining, bitcoin showed resilience, suggesting an ongoing bull market. Experts predict continued growth with potential regulatory challenges ahead.

Although bitcoin is widely viewed as a store of value and a digital alternative to gold, the cryptocurrency often trades in tandem with the stock market. On Wednesday, however, it decoupled with the tech-heavy Nasdaq Composite, which was lower by 0.6%. The Dow Jones Industrial Average and S&P 500 dropped as well., which offers crypto trading and is viewed as a beneficiary of a more crypto-friendly environment in the incoming Trump administration, gained 3%.

"The bitcoin bull market has legs," Alex Thorn, head of firmwide research at Galaxy Digital, said in a report Wednesday."There will be corrections and hiccups, which is normal. There could even some twilight regulatory or law enforcement actions from the outgoing Biden administration that jitter markets. But a combination of increasing institutional, corporate, and potentially nation-state adoption, a new U.S.

Bitcoin is up 126% for the year and is still widely expected to reach the $100,000 milestone before the year is over. Ether, the outperformer since the election, is trailing bitcoin on a year-to-date basis with a 59% gain.Memecoin gains will fade as crypto rally presses on.

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