What is the correlation between the copper price and the market capitalization of cryptocurrencies?

1 answers

• Riise CraigOct 24, 2023 · 2 years ago
  At BYDFi, we have observed a weak correlation between the price of copper and the market capitalization of cryptocurrencies. While there have been instances where changes in copper prices coincided with fluctuations in the overall market capitalization of cryptocurrencies, the relationship is not consistent or strong enough to be considered a reliable indicator. It's important to consider that the cryptocurrency market is highly volatile and influenced by a multitude of factors, including investor sentiment, regulatory developments, and technological advancements. Therefore, it is advisable to analyze the market capitalization of cryptocurrencies using a comprehensive approach that takes into account various factors rather than relying solely on the price of copper.
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