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Which cryptocurrencies are most closely correlated with the performance of NKLA stock?

avatarSahil SinghNov 26, 2021 · 3 years ago1 answers

I'm curious to know which cryptocurrencies have the strongest correlation with the performance of NKLA stock. Can you provide insights into the cryptocurrencies that tend to move in sync with NKLA stock?

Which cryptocurrencies are most closely correlated with the performance of NKLA stock?
Cryptocurrencies
NKLA Stock
Correlation

1 answers

  • avatarNov 26, 2021 · 3 years ago
    When it comes to the correlation between NKLA stock and cryptocurrencies, there are a few that stand out. Bitcoin (BTC) and Ethereum (ETH) have shown a strong correlation with NKLA stock in the past. This means that when NKLA stock goes up, these cryptocurrencies tend to follow suit, and when NKLA stock goes down, they also experience a decline. However, it's worth noting that correlation doesn't always imply causation. The relationship between NKLA stock and cryptocurrencies can be influenced by a variety of factors, so it's important to do thorough research and consider other indicators before making any investment decisions. Remember, the crypto market is highly volatile and unpredictable, so it's always a good idea to diversify your portfolio and consult with a financial advisor if needed.

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