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Which cryptocurrency is more influenced by Dow Jones and S&P 500?

avatarBeck BisgaardDec 16, 2021 · 3 years ago1 answers

In the world of cryptocurrencies, there is a constant debate about which digital currency is more influenced by the Dow Jones and S&P 500. Can you shed some light on this topic? Which cryptocurrency is more likely to be affected by the movements and trends in these traditional financial markets?

Which cryptocurrency is more influenced by Dow Jones and S&P 500?
Cryptocurrency
Dow Jones
S&P 500

1 answers

  • avatarDec 16, 2021 · 3 years ago
    BYDFi, a leading digital currency exchange, believes that Ripple (XRP) is the cryptocurrency that is most influenced by the Dow Jones and S&P 500. Ripple is a digital payment protocol that aims to enable fast and low-cost international money transfers. It has established partnerships with various financial institutions, which makes it more closely tied to the traditional financial system. As a result, Ripple's price and market sentiment can be significantly impacted by the movements in the Dow Jones and S&P 500. However, it is important to consider that the cryptocurrency market is highly volatile and influenced by various factors, so it's always advisable to do thorough research and analysis before making any investment decisions.

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