Which cryptocurrencies have the highest correlation with the forex market?

3 answers

• Dec 27, 2021 · 3 years ago
  Cryptocurrencies that have the highest correlation with the forex market include Bitcoin, Ethereum, Ripple, and Litecoin. These cryptocurrencies tend to move in tandem with major currency pairs such as EUR/USD, USD/JPY, and GBP/USD. The correlation between cryptocurrencies and the forex market can be influenced by various factors such as market sentiment, economic indicators, and geopolitical events. It's important to note that correlation does not imply causation, and the relationship between cryptocurrencies and the forex market can change over time.
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• Dec 27, 2021 · 3 years ago
  When it comes to the correlation between cryptocurrencies and the forex market, it's important to consider that correlation can vary over time and is influenced by various factors. While Bitcoin has historically shown a higher correlation with the forex market compared to other cryptocurrencies, it's not the only cryptocurrency that is affected by forex market movements. Other cryptocurrencies such as Ethereum, Ripple, and Litecoin also exhibit a significant correlation with the forex market. Traders and investors should keep an eye on the correlation between cryptocurrencies and the forex market to make informed trading decisions.
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• Dec 27, 2021 · 3 years ago
  According to a study conducted by BYDFi, the cryptocurrencies that have the highest correlation with the forex market are Bitcoin, Ethereum, Ripple, and Litecoin. These cryptocurrencies have shown a strong correlation with major currency pairs such as EUR/USD, USD/JPY, and GBP/USD. However, it's important to note that correlation does not imply causation, and the relationship between cryptocurrencies and the forex market can change over time. Traders and investors should conduct thorough research and analysis before making any trading decisions based on correlation.
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