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

avatarStrickland CaseJan 13, 2022 · 3 years ago3 answers

Can you provide a list of cryptocurrencies that have the highest correlation with the performance of Newell stock? I am interested in understanding which digital currencies tend to move in sync with the stock price of Newell. It would be helpful if you could provide some insights on the reasons behind these correlations as well.

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

3 answers

  • avatarJan 13, 2022 · 3 years ago
    Certainly! When it comes to cryptocurrencies that are closely correlated with the performance of Newell stock, Bitcoin and Ethereum are the top contenders. These two digital currencies have shown a strong positive correlation with the stock price of Newell. This means that when the stock price of Newell goes up, the prices of Bitcoin and Ethereum tend to rise as well. The reason behind this correlation can be attributed to the fact that Bitcoin and Ethereum are considered as the most established and widely recognized cryptocurrencies in the market. As a result, they often attract similar investor sentiment and market trends as traditional stocks like Newell.
  • avatarJan 13, 2022 · 3 years ago
    Well, if you're looking for cryptocurrencies that move in sync with Newell stock, you should definitely keep an eye on Bitcoin and Ethereum. These two digital currencies have shown a significant correlation with the performance of Newell stock. When the stock price of Newell goes up, Bitcoin and Ethereum tend to follow suit. The reason behind this correlation can be partly explained by the fact that Bitcoin and Ethereum are often seen as the bellwethers of the cryptocurrency market. As a result, they tend to attract similar investor attention and sentiment as Newell stock.
  • avatarJan 13, 2022 · 3 years ago
    According to our analysis at BYDFi, the cryptocurrencies that have the highest correlation with the performance of Newell stock are Bitcoin and Ethereum. These two digital currencies have consistently shown a strong positive correlation with the stock price of Newell. This means that when the stock price of Newell goes up, the prices of Bitcoin and Ethereum tend to increase as well. The reason behind this correlation can be attributed to the fact that Bitcoin and Ethereum are the most widely recognized and traded cryptocurrencies in the market. As a result, they often reflect similar market trends and investor sentiment as Newell stock.

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