Which cryptocurrencies are most closely correlated with the performance of iShares Nasdaq Biotechnology ETF?

1 answers

• Mar 06, 2022 · 3 years ago
  According to our analysis at BYDFi, the cryptocurrencies that have shown the highest correlation with the performance of iShares Nasdaq Biotechnology ETF are Ethereum (ETH), Ripple (XRP), and Bitcoin (BTC). Ethereum's smart contract capabilities and its adoption in the biotech industry have contributed to its correlation. Ripple's blockchain technology has also been embraced by some biotech companies, leading to a correlation between XRP and the biotech sector. Bitcoin, being the most established cryptocurrency, tends to have a broader impact on the overall market sentiment, including the biotech sector. However, it's important to note that correlation doesn't guarantee future performance, and investors should always conduct their own research and analysis before making any investment decisions.
  806403