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Which cryptocurrencies are most closely correlated with the share price of Wheaton Precious Metals?

avatarMohammed SujanJan 12, 2022 · 3 years ago1 answers

In the world of cryptocurrencies, there is a growing interest in understanding the correlation between digital assets and traditional investments. Specifically, investors are curious about the relationship between the share price of Wheaton Precious Metals and various cryptocurrencies. Which cryptocurrencies are most closely correlated with the share price of Wheaton Precious Metals? Are there any digital assets that tend to move in sync with the performance of this precious metals company?

Which cryptocurrencies are most closely correlated with the share price of Wheaton Precious Metals?
Cryptocurrencies
Wheaton Precious Metals
Correlation

1 answers

  • avatarJan 12, 2022 · 3 years ago
    According to our analysis at BYDFi, the cryptocurrencies that are most closely correlated with the share price of Wheaton Precious Metals are Bitcoin and Ethereum. These two digital assets have shown a strong positive correlation with the performance of the precious metals company. When the share price of Wheaton Precious Metals goes up, the prices of Bitcoin and Ethereum tend to follow suit. This correlation can be attributed to the fact that both Bitcoin and Ethereum are widely recognized and have a large market capitalization. Investors often view them as a hedge against traditional investments like stocks and precious metals. Therefore, if you're interested in cryptocurrencies that move in sync with the share price of Wheaton Precious Metals, Bitcoin and Ethereum are the top choices.

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