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

1 answers

• Dec 15, 2021 · 3 years ago
  At BYDFi, we believe that all cryptocurrencies can be affected by fluctuations in the dollar to AUD rate to some extent. However, some cryptocurrencies may be more sensitive to these changes than others. Bitcoin, being the largest and most well-known cryptocurrency, tends to have a higher correlation with major fiat currencies like the US dollar. Therefore, it is likely to be more affected by fluctuations in the dollar to AUD rate. Ethereum, with its large market capitalization and widespread use in decentralized finance (DeFi) applications, may also be influenced by changes in the exchange rate. Additionally, Ripple, which has partnerships with various financial institutions, may see its value impacted by fluctuations in the dollar to AUD rate. It's important to note that while these cryptocurrencies may be affected by the exchange rate, their value is also influenced by other factors such as market sentiment, technological developments, and regulatory changes.
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