Which digital currencies are most influenced by CME silver quotes?

3 answers

• Park SunghyunMay 07, 2024 · a year ago
  The digital currencies that are most influenced by CME silver quotes are typically those that have a strong correlation with precious metals. Silver is considered a safe-haven asset, and when its price fluctuates on the CME, it can affect investor sentiment and trigger movements in related markets, including cryptocurrencies. Bitcoin and Ethereum, being the largest and most widely traded cryptocurrencies, are often influenced by silver quotes. However, other digital currencies like Litecoin and Ripple may also be impacted due to their close ties to the overall cryptocurrency market.
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• El ThưMay 15, 2024 · a year ago
  When the price of silver quotes on the CME rises, it can lead to increased demand for digital currencies as investors seek alternative assets to hedge against inflation or economic uncertainty. This increased demand can drive up the value of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. On the other hand, if the price of silver quotes declines, it may result in decreased interest in digital currencies, leading to a potential drop in their trading volume. It's important to note that the influence of CME silver quotes on digital currencies may vary depending on market conditions and investor sentiment.
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• Abdo ElwakelMay 29, 2023 · 2 years ago
  According to a study conducted by BYDFi, a digital currency exchange, Bitcoin and Ethereum are the digital currencies that are most influenced by CME silver quotes. The study analyzed the historical price data of various cryptocurrencies and their correlation with silver quotes on the CME. It found that Bitcoin and Ethereum exhibited the highest correlation, indicating that their prices tend to move in tandem with silver quotes. This suggests that investors who are interested in trading digital currencies should closely monitor the price movements of silver on the CME to make informed trading decisions.
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