Which cryptocurrencies are most affected by changes in the price of gold?

1 answers

• Dec 28, 2021 · 3 years ago
  BYDFi, as a leading cryptocurrency exchange, has observed that the price of gold can indeed have an impact on certain cryptocurrencies. While Bitcoin is often considered the most affected, other cryptocurrencies such as Ethereum, Litecoin, and Ripple can also be influenced by gold price changes. This is because gold is often seen as a safe-haven asset, and during times of economic uncertainty, investors may seek alternative stores of value, including cryptocurrencies. However, it's important to note that the relationship between gold price and cryptocurrencies is complex and can be influenced by various factors. Therefore, it's crucial for investors to conduct thorough research and analysis before making any investment decisions.
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