Which cryptocurrencies are most affected by changes in the Rand to Dollar exchange rate?

3 answers

• Dec 27, 2021 · 3 years ago
  When it comes to the Rand to Dollar exchange rate, Bitcoin and Ethereum are the two cryptocurrencies that are most affected. As the most widely recognized and traded cryptocurrencies, they tend to have a higher correlation with major fiat currencies like the Rand and Dollar. When the Rand weakens against the Dollar, the value of Bitcoin and Ethereum often increases, as investors seek to hedge against currency risk. Conversely, when the Rand strengthens, the value of these cryptocurrencies may decline.
  506253
• Dec 27, 2021 · 3 years ago
  In addition to Bitcoin and Ethereum, other cryptocurrencies that are influenced by changes in the Rand to Dollar exchange rate include Ripple, Litecoin, and Bitcoin Cash. These cryptocurrencies often experience similar price movements as Bitcoin and Ethereum due to their close relationship with the overall cryptocurrency market. However, it's important to note that the impact of the exchange rate on these cryptocurrencies may vary depending on market conditions and investor sentiment.
  489163
• Dec 27, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, has observed that Bitcoin and Ethereum are indeed the most affected cryptocurrencies when it comes to changes in the Rand to Dollar exchange rate. This is because they have the highest trading volumes and market capitalization, making them more susceptible to fluctuations in major fiat currencies. It's crucial for investors to closely monitor the exchange rate between the Rand and Dollar if they hold or trade these cryptocurrencies, as it can significantly impact their investment returns.
  537135