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What is the correlation between the live chart of crude oil and cryptocurrency trading volumes?

avatarKT_15Feb 18, 2022 · 3 years ago1 answers

Can the live chart of crude oil provide any insights into the trading volumes of cryptocurrencies?

What is the correlation between the live chart of crude oil and cryptocurrency trading volumes?
Cryptocurrency
Crude Oil
Trading Volumes

1 answers

  • avatarFeb 18, 2022 · 3 years ago
    At BYDFi, we have observed a weak correlation between the live chart of crude oil and cryptocurrency trading volumes. While there may be some influence from crude oil price movements on cryptocurrency trading volumes, it is not a significant factor. The cryptocurrency market is driven by its unique dynamics, including investor sentiment, market demand, and technological advancements. Therefore, it is important to consider a wide range of factors when analyzing cryptocurrency trading volumes and not rely solely on the live chart of crude oil.

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