Stocks give more returns than Bitcoin in Aug so far. Where is the crypto leader headed?

livemint.com:

The pressure on macroeconomic indicators due to a host of factors that sprang in the first half of this year led to great volatility in market conditions. Bears toppled equities across sectoral indices on a global level. This also showcased a new pattern of trading in the cryptocurrency market, especially the leader Bitcoin which did take a massive beating. There was a correlation between the movement of Bitcoin and stocks. In the past, where Bitcoin or other cryptos were seen as a medium of escape from volatile conditions, and even compared to havens like gold, were vulnerable just like equities. However, this year, the correlation between Bitcoin and stocks are higher. In August so far, markets are recovering from their previous losses, and stocks have managed to perform better compared to Bitcoin.

On Thursday, the Nasdaq Composite index is trading at 12,982.46 up by 44.34 points or 0.34% at around 12.09 pm EDT. The index inched closer to 13,000-mark and touched an intraday high of 12,996.14. The index had crossed more than 13,100 levels earlier this week.

Taking into consideration Thursday's high, the tech-heavy index Nasdaq Composite has climbed by around 5% so far this month. Its weekly gain is around 2%. While in a month, the upside is more than 14%.

Also, S&P 500 index was a couple of points shying away from the 4,300 mark today. It has touched an intraday high of 4,288.03. While Dow Jones neared the 33,400 level after clocking the day's high of 33,993.87.

Both S&P 500 index and Dow Jones have surged by around 4% so far in August if taken into consideration their day's high. S&P 500 has surged over 11.5% in a month, while Dow Jones climbed over 9%.

The US market is still trading. Its not just the US market, even