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Which cryptocurrencies are most affected by the performance of SPDR S&P 500 ETF Trust?

avatarGuo MoJan 13, 2022 · 3 years ago1 answers

Which cryptocurrencies are most influenced by the performance of the SPDR S&P 500 ETF Trust? How does the performance of the ETF affect the prices and market trends of these cryptocurrencies?

Which cryptocurrencies are most affected by the performance of SPDR S&P 500 ETF Trust?
Cryptocurrencies
SPDR S&P 500 ETF Trust
Market Trends

1 answers

  • avatarJan 13, 2022 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, has observed that cryptocurrencies with a strong correlation to traditional financial markets tend to be most affected by the performance of the SPDR S&P 500 ETF Trust. Bitcoin, being the largest and most well-known cryptocurrency, often experiences a significant impact from the ETF's performance. Ethereum, the second-largest cryptocurrency, also tends to be influenced by the ETF's performance due to its widespread adoption and use in decentralized finance (DeFi) applications. Additionally, other cryptocurrencies like Ripple, Litecoin, and Bitcoin Cash may also be influenced to some extent. However, it's important to note that the cryptocurrency market is highly volatile and influenced by a multitude of factors, so the impact of the ETF's performance may vary over time.

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