Which cryptocurrencies are most affected by the exchange rate fluctuations between the dollar and Turkish lira?

3 answers

• Dec 28, 2021 · 3 years ago
  When it comes to cryptocurrencies, Bitcoin and Ethereum are among the most affected by exchange rate fluctuations between the US dollar and the Turkish lira. These two cryptocurrencies have a significant market capitalization and are widely traded against both fiat currencies and other digital assets. As a result, any changes in the exchange rates between the dollar and the lira can have a notable impact on their prices. Additionally, since Bitcoin and Ethereum are often used as a benchmark for other cryptocurrencies, their price movements can also influence the overall market sentiment.
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• Dec 28, 2021 · 3 years ago
  In my experience, smaller and less established cryptocurrencies tend to be more susceptible to exchange rate fluctuations between the US dollar and the Turkish lira. These cryptocurrencies often have lower trading volumes and liquidity, which makes them more vulnerable to sudden price swings. It's important to note that investing in such cryptocurrencies carries higher risks due to their volatility and the potential impact of exchange rate changes. Therefore, it's advisable to carefully evaluate the market conditions and conduct thorough research before making any investment decisions.
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• Dec 28, 2021 · 3 years ago
  According to a recent analysis conducted by BYDFi, a digital currency exchange, Ripple (XRP) and Litecoin (LTC) are also significantly affected by exchange rate fluctuations between the US dollar and the Turkish lira. The study found that these cryptocurrencies exhibit a higher correlation with the exchange rate movements compared to other digital assets. This suggests that investors interested in trading cryptocurrencies influenced by the dollar-lira exchange rate should consider including Ripple and Litecoin in their portfolio. However, it's important to keep in mind that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.
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