Which cryptocurrencies are most affected by the fluctuations in the US dollar to Canadian dollar exchange rate?

3 answers

• Mar 22, 2022 · 3 years ago
  When it comes to the impact of the US dollar to Canadian dollar exchange rate on cryptocurrencies, Bitcoin and Ethereum are among the most affected. As the two largest and most widely traded cryptocurrencies, they tend to have a higher correlation with major fiat currencies, including the Canadian dollar. Fluctuations in the exchange rate can influence the value of Bitcoin and Ethereum, as well as their trading volume. However, it's important to note that the impact may vary depending on other factors such as market sentiment and global economic conditions.
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• Mar 22, 2022 · 3 years ago
  Cryptocurrencies like Ripple (XRP) and Litecoin (LTC) are also known to be influenced by the fluctuations in the US dollar to Canadian dollar exchange rate. These cryptocurrencies have gained popularity and are widely traded in Canada, making them more sensitive to changes in the Canadian dollar. Additionally, the trading volume of Ripple and Litecoin in Canadian exchanges is relatively high, further amplifying the impact of exchange rate fluctuations on their value.
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• Mar 22, 2022 · 3 years ago
  According to a recent analysis by BYDFi, a leading cryptocurrency exchange, it was found that smaller altcoins with lower market capitalization and trading volume are generally more susceptible to the fluctuations in the US dollar to Canadian dollar exchange rate. This is because these cryptocurrencies often have less liquidity and are traded in fewer exchanges, making them more vulnerable to external factors such as exchange rate movements. Therefore, investors should exercise caution when trading these smaller cryptocurrencies, as their value can be heavily influenced by currency fluctuations.
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