Which cryptocurrencies are most influenced by changes in the Wall Street index?

3 answers

• Nov 24, 2021 · 3 years ago
  Cryptocurrencies such as Bitcoin and Ethereum are known to be highly influenced by changes in the Wall Street index. As the Wall Street index experiences fluctuations, these cryptocurrencies tend to follow suit. This correlation can be attributed to the fact that many institutional investors and traders who are active in both traditional financial markets and cryptocurrencies often make investment decisions based on the performance of the Wall Street index. Therefore, when the Wall Street index goes up or down, it can have a significant impact on the prices of Bitcoin and Ethereum, among others.
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• Nov 24, 2021 · 3 years ago
  When it comes to the influence of the Wall Street index on cryptocurrencies, it's important to note that not all digital currencies are equally affected. While Bitcoin and Ethereum are generally considered to be the most influenced by the Wall Street index, other cryptocurrencies like Ripple and Litecoin may also experience some degree of correlation. However, it's worth mentioning that the correlation between the Wall Street index and cryptocurrencies is not always direct or immediate. Factors such as market sentiment, regulatory developments, and other external events can also play a role in shaping the performance of cryptocurrencies.
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• Nov 24, 2021 · 3 years ago
  According to a study conducted by BYDFi, a digital currency exchange, the cryptocurrencies that show the highest correlation with the Wall Street index are Bitcoin, Ethereum, and Ripple. These three digital currencies have consistently demonstrated a strong correlation with the changes in the Wall Street index over the past few years. This correlation can be attributed to the fact that these cryptocurrencies are widely traded and have a large market capitalization, making them more susceptible to the influence of institutional investors and market trends. It's important for investors and traders to keep an eye on the Wall Street index as it can provide valuable insights into the potential performance of these cryptocurrencies.
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