What are the correlations between the hot rolled steel price index and the prices of different cryptocurrencies?

1 answers

• Halberg MonradApr 05, 2022 · 3 years ago
  As an expert in the field of cryptocurrencies, I can tell you that there is no direct correlation between the hot rolled steel price index and the prices of different cryptocurrencies. The value of cryptocurrencies is primarily driven by factors such as market demand, investor sentiment, and technological advancements. While economic factors can indirectly influence the prices of cryptocurrencies, it is unlikely that the hot rolled steel price index has a significant impact on their value. It is important to analyze the cryptocurrency market based on its own dynamics and factors, rather than trying to find correlations with unrelated industries like steel.
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