Bitcoin made a small profit on Monday morning, but stocks were centered around as NASDAQ set another record during intraday trading.
Record stocks paired with Bitcoin rise on Monday
NASDAQ Composite hit a fresh, high of 21,885.62 during intraday trading on Monday, showing another strong performance of tech stocks this year. AI Chipmakers Broadcom (NASDAQ: AVGO) and Nvidia (NASDAQ: NVDA) led the rally, but tech giants like Microsoft and Meta also benefited. Bitcoin (BTC) rose 1%, but is well below $124,457.12 since last month.
The recent AI boom has sparked the spotlight for the $4 trillion giant Nvidia, but Broadcom, another major player in the semiconductor space, isn’t far behind. Avago Technologies merged with Broadcom in 2016 and the company has grown significantly since. Broadcom’s market capitalization is currently above $1.6 trillion, according to Companymarketcap.com.
(Broadcom led the rally on Monday, with NASDAQ reaching an all-time high during daytime trading/CompaniesMarketCap.com)
NASDAQ’s record performance appears to be against weak employment data released last week. And now, looking at inflation data scheduled for later this week, it will be interesting to see whether stocks and Bitcoin were both resilient and poor, as BTC did last week, after two weak employment reports are revealed.
Market Metric Overview
Bitcoin was up 1.04% at $112,244.75 at the time of writing and 3.22% per week, according to Coinmarketcap. BTC has hovered between $110,630.61 and $112,869.24 since yesterday.
Trading volumes rose 61.13% over the past 24 hours. This was mainly due to the usual increase after the weekend, reaching thinner than $39.27 billion. Similar to prices, the market capitalization rose 1.1% to $2.23 trillion. However, Bitcoin’s advantage fell to 58.38%, down 0.17% that day.
Total open interest on Bitcoin futures rose 3.56% over 24 hours to $81.77 billion, according to Coinglas. Bitcoin liquidation totaled $29.39 million, most of which were short liquidation at $23.21 million, with the remainder of $6.18 million.
