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Which cryptocurrencies are most influenced by changes in the eurusd live exchange rate?

avatarRica Mag-ampoJan 02, 2022 · 3 years ago1 answers

I would like to know which cryptocurrencies are most affected by fluctuations in the eurusd live exchange rate. Can you provide some insights on this? Specifically, I am interested in understanding which cryptocurrencies tend to have a strong correlation with the eurusd exchange rate and are more likely to be influenced by its changes. It would be helpful if you could also explain the reasons behind these correlations and provide any relevant examples or data to support your answer.

Which cryptocurrencies are most influenced by changes in the eurusd live exchange rate?
Cryptocurrencies
Eurusd Exchange Rate
Correlation

1 answers

  • avatarJan 02, 2022 · 3 years ago
    According to a study conducted by BYDFi, a digital currency exchange, the cryptocurrencies that are most influenced by changes in the eurusd live exchange rate are Bitcoin, Ethereum, and Litecoin. These cryptocurrencies have shown a consistent correlation with the eurusd exchange rate over a significant period of time. The study analyzed historical data and found that when the eurusd exchange rate goes up, the prices of these cryptocurrencies tend to increase as well. Conversely, when the eurusd exchange rate goes down, the prices of these cryptocurrencies tend to decrease. This correlation can be attributed to the fact that these cryptocurrencies are widely traded and have a large user base, making them more sensitive to changes in the global economic landscape.

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