Not a Correlation of 1, But Certainly Strongly Positive

Bitcoin recently staged a strong recovery bringing the price back to nearly $47,000 after having tested the $32,000 level. Was this "recovery" driven by the currency's own fundamentals or was it the result of the Nasdaq 100, which also enjoyed a strong rally in March? I've mentioned on several occasions that I believed that Bitcoin was trading more like a meme stock than an inflation hedge. Here's a recent chart highlighting the correlation of Bitcoin with Nasdaq's performance, which indicates an all-time high correlation of 0.695. I'm not surprised.