Which cryptocurrencies are expected to benefit the most from a strengthening USD/CAD exchange rate?

3 answers

• Feb 19, 2022 · 3 years ago
  As the USD/CAD exchange rate strengthens, cryptocurrencies that have a strong correlation with the USD are likely to benefit the most. This includes popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which are widely traded against the USD. These cryptocurrencies tend to have a higher trading volume and liquidity, making them more attractive to investors during periods of a strengthening USD/CAD exchange rate. Additionally, stablecoins like Tether (USDT) and USD Coin (USDC) are also expected to benefit, as they are pegged to the USD and provide a stable store of value.
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• Feb 19, 2022 · 3 years ago
  When the USD/CAD exchange rate strengthens, it generally indicates a stronger USD compared to the CAD. In this scenario, cryptocurrencies that are primarily traded against the USD, such as Bitcoin (BTC) and Ethereum (ETH), are likely to experience a positive impact. These cryptocurrencies are widely recognized and have a large market capitalization, making them more resilient to currency fluctuations. However, it's important to note that the cryptocurrency market is highly volatile, and other factors such as market sentiment and global economic conditions can also influence the performance of cryptocurrencies.
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• Feb 19, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, cryptocurrencies with a strong USD trading pair are expected to benefit the most from a strengthening USD/CAD exchange rate. This includes popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These cryptocurrencies have a large market capitalization and are widely traded against the USD, making them more likely to attract investors during periods of a strengthening USD/CAD exchange rate. However, it's important to conduct thorough research and consider other factors before making any investment decisions.
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