Market analyst and founder of Inside Edge Capital founder, Todd Gordon, shared his insights on Bitcoin’s performance compared to tech stocks, particularly semiconductor stocks.
What Happened: During a segment on CNBC’s “Last Call,” when asked if Bitcoin was overcooked, Gordon responded, “No, I don't think so.”
He highlighted the contrast between Bitcoin’s slight pause and the sharp decline of semiconductor stocks on Friday.
“I really like the way Bitcoin handled some of the old highs from 2021 … I think there’s very much a correlation to the growth trades, specifically tech stocks and even more specifically, semiconductors,” he said.
“We know what happened Friday, with all the semis … they came up so hard. Bitcoin just took a little bit of a breather and opened up Sunday night and cruised to new highs. So there’s either a sort of a decoupling between the growth and tech stocks or Bitcoin is perhaps trading on its own merits.”
Gordon said he owns Bitcoin and Bitcoin ETFs, but added that his wealth management has not yet added the cryptocurrency to its portfolios. “But a little bit off a pullback and I might for the first time put this ‘IBIT’ to work in my IRA,” he said.
Why It Matters: Gordon’s comments came after Bitcoin surged above $72,000, showcasing the digital currency’s robustness in the face of tech sector volatility.
This has been accompanied by a significant increase in the number of “millionaire wallets,” as reported by Kaiko Research. The cryptocurrency has seen a 70% rise this year, partly driven by the introduction of exchange-traded funds (ETFs) that include Bitcoin.
Bitcoin experienced a 4.21% increase within 24 hours to $72,243.00, continuing an 8% gain over the past week. The coin’s all-time high is now $72,342.00.
The increase in trading volume and circulating supply has been in line with Bitcoin’s price movements, reinforcing its position as the top cryptocurrency with a market cap of $1.42 trillion.
Read Next: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
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