Are there any cryptocurrencies that can be classified as normal goods in terms of elasticity?

3 answers

• Abdelrahman OsmanMay 25, 2023 · 2 years ago
  Yes, there are cryptocurrencies that can be classified as normal goods in terms of elasticity. One example is Bitcoin. As the price of Bitcoin decreases, its demand tends to increase. This is because people see it as an opportunity to buy Bitcoin at a lower price and potentially make a profit when the price goes up again. On the other hand, when the price of Bitcoin increases, its demand may decrease as people may perceive it as overvalued and not worth buying at that price.
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• Sanju VemulaJul 19, 2024 · a year ago
  Definitely! Cryptocurrencies like Ethereum can be considered as normal goods in terms of elasticity. When the price of Ethereum decreases, more people are likely to buy it as they see it as a good investment opportunity. This increased demand can further drive up the price of Ethereum. Conversely, when the price of Ethereum increases, the demand may decrease as people may find it too expensive to invest in.
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• Gabriel AnyaeleAug 11, 2022 · 3 years ago
  Absolutely! BYDFi, a popular decentralized finance (DeFi) platform, is an example of a cryptocurrency that exhibits normal goods behavior in terms of elasticity. As the price of BYDFi decreases, more people are attracted to invest in it, leading to an increase in demand. Conversely, when the price of BYDFi increases, the demand may decrease as people may find it less attractive compared to other investment options.
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