Which cryptocurrencies are most influenced by fluctuations in the dollar and baht exchange rate?

3 answers

• Dec 26, 2021 · 3 years ago
  When it comes to the influence of the dollar and baht exchange rate on cryptocurrencies, Bitcoin and Ethereum are the two most prominent digital currencies that are affected. As the most widely traded cryptocurrencies, they tend to be more sensitive to fluctuations in major fiat currencies, including the dollar and baht. When the dollar strengthens against the baht, the value of Bitcoin and Ethereum may decrease, as investors may prefer to hold onto stronger fiat currencies. Conversely, when the baht strengthens against the dollar, the value of Bitcoin and Ethereum may increase, as investors may see them as a hedge against the weakening dollar. However, it's important to note that the influence of exchange rates on cryptocurrencies is complex and can be influenced by various factors, including market sentiment and global economic conditions.
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• Dec 26, 2021 · 3 years ago
  Fluctuations in the dollar and baht exchange rate can also impact other popular cryptocurrencies such as Ripple, Litecoin, and Bitcoin Cash. These digital currencies, although not as dominant as Bitcoin and Ethereum, still have a significant market presence and are influenced by changes in major fiat currencies. When the dollar strengthens against the baht, the value of Ripple, Litecoin, and Bitcoin Cash may also decrease. On the other hand, when the baht strengthens against the dollar, the value of these cryptocurrencies may increase. It's worth noting that the degree of influence may vary among different cryptocurrencies, as each has its own unique characteristics and market dynamics.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we believe that all cryptocurrencies are influenced to some extent by fluctuations in the dollar and baht exchange rate. However, it's important to consider that the impact may vary depending on the specific cryptocurrency and its market dynamics. While Bitcoin and Ethereum are generally more sensitive to changes in major fiat currencies, other cryptocurrencies like Ripple, Litecoin, and Bitcoin Cash can also be influenced. It's crucial for investors to stay updated on exchange rate movements and their potential impact on the value and performance of different cryptocurrencies. BYDFi provides comprehensive market analysis and insights to help investors make informed decisions in the ever-changing cryptocurrency landscape.
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