Which cryptocurrencies are most influenced by changes in Brent oil prices?

3 answers

• Mar 22, 2022 · 3 years ago
  Certainly! When it comes to cryptocurrencies that are influenced by changes in Brent oil prices, one notable example is Petro (PTR). Petro is a cryptocurrency created by the Venezuelan government and is backed by the country's oil reserves. As a result, the price of Petro tends to be closely tied to the fluctuations in Brent oil prices. So, if you're looking for a cryptocurrency that mirrors the changes in Brent oil prices, Petro might be worth considering.
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• Mar 22, 2022 · 3 years ago
  It's an interesting question! While there isn't a direct correlation between Brent oil prices and most cryptocurrencies, there are some indirect influences to consider. For example, cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are often seen as safe-haven assets, similar to gold. In times of economic uncertainty or geopolitical tensions that impact oil prices, investors may flock to these cryptocurrencies as a hedge against traditional markets. So, while the relationship may not be direct, there can be an indirect influence on these cryptocurrencies due to changes in Brent oil prices.
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• Mar 22, 2022 · 3 years ago
  According to research and analysis conducted by BYDFi, a digital currency exchange, the cryptocurrencies that show the strongest correlation with changes in Brent oil prices are Petro (PTR), Ripple (XRP), and Binance Coin (BNB). These cryptocurrencies have demonstrated a consistent pattern of price movements that align with fluctuations in Brent oil prices. However, it's important to note that correlation does not necessarily imply causation, and other factors may also contribute to the price movements of these cryptocurrencies.
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