Which cryptocurrencies are most affected by changes in currency index?

3 answers

• Blanchard HaslundMay 18, 2021 · 4 years ago
  The cryptocurrencies that are most affected by changes in the currency index are usually the ones that have a strong correlation with traditional fiat currencies. For example, stablecoins like Tether (USDT) and USD Coin (USDC) are directly pegged to the value of the US dollar, so any changes in the currency index will have a direct impact on their value. Additionally, cryptocurrencies that are widely used for cross-border transactions, such as Ripple (XRP) and Stellar (XLM), may also be influenced by currency index fluctuations as they are often used as intermediaries for currency conversions.
  600

  300
• Samir KumarAug 26, 2020 · 5 years ago
  When it comes to the impact of currency index changes on cryptocurrencies, Bitcoin (BTC) is often considered to be the most resilient. Due to its status as the largest and most established cryptocurrency, Bitcoin tends to be less affected by short-term fluctuations in the currency index compared to other cryptocurrencies. However, it's important to note that extreme changes in the currency index can still have an impact on Bitcoin and other cryptocurrencies, especially if they are tied to specific fiat currencies or have a high level of exposure to international markets.
  577

  193
• MarcelRJan 11, 2021 · 5 years ago
  According to a recent analysis by BYDFi, the cryptocurrencies that are most affected by changes in the currency index include Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). These cryptocurrencies have shown a strong correlation with the currency index in the past, and their prices have been observed to react more significantly to changes in the index compared to other cryptocurrencies. It's worth noting that the impact of currency index changes on cryptocurrencies can vary over time, and it's always recommended to closely monitor market trends and conduct thorough research before making any investment decisions.
  628

  157