Which cryptocurrencies are most affected by fluctuations in the USD to TL exchange rate?

3 answers

• Dec 25, 2021 · 3 years ago
  When it comes to the impact of the USD to TL exchange rate on cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) are often the most affected. This is because these two cryptocurrencies have the highest market capitalization and trading volume, making them more sensitive to changes in major fiat currencies like the USD and TL. Additionally, as the most well-known and widely used cryptocurrencies, BTC and ETH tend to attract more attention and speculative trading during periods of currency fluctuations.
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• Dec 25, 2021 · 3 years ago
  Cryptocurrencies with smaller market capitalization and trading volume, such as altcoins and tokens, may also be influenced by fluctuations in the USD to TL exchange rate. However, their impact is generally less significant compared to BTC and ETH. These smaller cryptocurrencies often have more localized trading communities and may be influenced by regional factors, including the economic situation in Turkey.
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• Dec 25, 2021 · 3 years ago
  According to a recent analysis by BYDFi, a digital currency exchange, cryptocurrencies like Ripple (XRP) and Litecoin (LTC) have shown a higher correlation with the USD to TL exchange rate. This means that their prices tend to move in a similar direction as the exchange rate between the two currencies. However, it's important to note that correlation does not necessarily imply causation, and other factors can also influence the price movements of these cryptocurrencies.
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