Which cryptocurrencies are most affected by the trend of the dollar?

3 answers

• Dec 29, 2021 · 3 years ago
  As an expert in the field of cryptocurrencies, I can tell you that Bitcoin and Ethereum are the two most affected digital currencies by the trend of the US dollar. This is mainly because they are the largest and most widely traded cryptocurrencies, and their value is often compared to the dollar. When the dollar strengthens, the value of Bitcoin and Ethereum tends to decrease, and vice versa. However, it's important to note that other cryptocurrencies can also be influenced by the dollar's trend, albeit to a lesser extent.
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• Dec 29, 2021 · 3 years ago
  When it comes to the impact of the dollar's trend on cryptocurrencies, it's crucial to consider the global nature of the cryptocurrency market. Cryptocurrencies are traded across various countries and exchanges, and their value is influenced by multiple factors, including market demand, investor sentiment, and economic conditions. While Bitcoin and Ethereum may be more sensitive to the dollar's trend due to their popularity and liquidity, other cryptocurrencies like Ripple, Litecoin, and Bitcoin Cash can also be affected to some degree.
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• Dec 29, 2021 · 3 years ago
  According to a recent analysis by BYDFi, a digital currency exchange, the cryptocurrencies most affected by the trend of the dollar are Bitcoin, Ethereum, and Ripple. These three digital currencies have shown a strong correlation with the dollar's movement in the past. However, it's worth noting that correlation does not imply causation, and the relationship between the dollar and cryptocurrencies is complex. Factors such as market sentiment, regulatory developments, and technological advancements also play a significant role in shaping the value of cryptocurrencies.
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