Which cryptocurrencies are most affected by fluctuations in the dollar exchange rate?

3 answers

• Dec 16, 2021 · 3 years ago
  As an expert in the field of cryptocurrencies, I can tell you that Bitcoin and Ethereum are the two most affected by fluctuations in the dollar exchange rate. These two cryptocurrencies have the highest market capitalization and are widely traded against the dollar. Any significant movement in the dollar exchange rate can have a direct impact on their value. Additionally, since Bitcoin and Ethereum serve as the base currency for many altcoins, their fluctuations can also indirectly affect the value of other cryptocurrencies.
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• Dec 16, 2021 · 3 years ago
  When it comes to the impact of the dollar exchange rate on cryptocurrencies, it's important to consider the global nature of the crypto market. Cryptocurrencies are traded worldwide, and the dollar is a dominant currency in international trade. Therefore, any fluctuations in the dollar exchange rate can have a ripple effect on the entire crypto market. While Bitcoin and Ethereum may be the most directly affected, other major cryptocurrencies like Ripple, Litecoin, and Bitcoin Cash can also experience significant price movements in response to dollar exchange rate fluctuations.
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• Dec 16, 2021 · 3 years ago
  According to a recent analysis by BYDFi, a leading cryptocurrency exchange, the cryptocurrencies most affected by fluctuations in the dollar exchange rate are Bitcoin, Ethereum, and Ripple. These three cryptocurrencies have the highest trading volumes against the dollar and are therefore more sensitive to changes in the exchange rate. However, it's important to note that the impact of the dollar exchange rate on cryptocurrencies is not limited to these three. The entire crypto market is interconnected, and fluctuations in one cryptocurrency can have spillover effects on others.
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