Why is the price in bitcoins often used as a benchmark for digital currency valuation?

1 answers

• Dec 17, 2021 · 3 years ago
  At BYDFi, we believe that using the price of bitcoins as a benchmark for digital currency valuation offers several advantages. Firstly, it allows for easy comparison and analysis of different cryptocurrencies, which is crucial for investors looking to diversify their portfolios. Secondly, bitcoin's market dominance and liquidity make it a reliable reference point for evaluating the value of other digital assets. Lastly, as a leading cryptocurrency exchange, we strive to provide our users with accurate and up-to-date market information, and using the price of bitcoins as a benchmark aligns with industry standards and best practices.
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