Which cryptocurrencies are most closely correlated with the MEB market?

3 answers

• Dec 18, 2021 · 3 years ago
  Bitcoin (BTC) is widely regarded as the most closely correlated cryptocurrency with the MEB market. As the pioneer and largest cryptocurrency, Bitcoin often sets the tone for the overall market sentiment. When major economic news or market trends emerge, Bitcoin tends to react accordingly, leading other cryptocurrencies in the same direction. It's important to keep an eye on Bitcoin's price and market movements to gauge the overall sentiment of the MEB market.
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• Dec 18, 2021 · 3 years ago
  Ethereum (ETH) is another cryptocurrency that exhibits a strong correlation with the MEB market. As the second-largest cryptocurrency by market capitalization, Ethereum's price and market movements often follow the broader market trends. Additionally, Ethereum's smart contract capabilities and its role in decentralized finance (DeFi) make it sensitive to economic indicators and business news that impact the overall market sentiment.
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• Dec 18, 2021 · 3 years ago
  According to our analysis at BYDFi, the MEB market correlation is not limited to specific cryptocurrencies, but rather extends to a broader range of digital assets. While Bitcoin and Ethereum are often considered the most closely correlated, other cryptocurrencies such as Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) also tend to move in sync with the MEB market. It's important to diversify your portfolio and consider the overall market sentiment when investing in cryptocurrencies.
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