Which cryptocurrencies are most influenced by the movements of the NASDAQ index?

3 answers

• Dec 30, 2021 · 3 years ago
  Cryptocurrencies that are most influenced by the movements of the NASDAQ index include Bitcoin, Ethereum, and Ripple. These cryptocurrencies have shown a correlation with the NASDAQ index due to various factors such as investor sentiment, market trends, and global economic conditions. For example, when the NASDAQ index experiences a significant increase or decrease, it can have a ripple effect on the prices of these cryptocurrencies. However, it's important to note that correlation does not imply causation, and the relationship between the NASDAQ index and these cryptocurrencies may change over time.
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• Dec 30, 2021 · 3 years ago
  The NASDAQ index has a significant impact on the prices of certain cryptocurrencies. Bitcoin, being the largest and most well-known cryptocurrency, tends to be influenced by major market movements, including those of the NASDAQ index. Ethereum, with its strong presence in the decentralized finance (DeFi) space, is also affected by broader market trends. Additionally, Ripple, as a digital payment protocol, can be influenced by changes in investor sentiment driven by the NASDAQ index. It's important for investors to monitor the NASDAQ index and its potential impact on these cryptocurrencies to make informed trading decisions.
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• Dec 30, 2021 · 3 years ago
  According to a study conducted by BYDFi, the cryptocurrencies that show the highest correlation with the movements of the NASDAQ index are Bitcoin, Ethereum, and Litecoin. This correlation can be attributed to the increased institutional interest in these cryptocurrencies and their integration into traditional financial markets. As the NASDAQ index reflects the performance of technology companies, it indirectly affects cryptocurrencies that are closely tied to the technology sector. However, it's worth noting that correlation does not necessarily imply causation, and the relationship between the NASDAQ index and cryptocurrencies may vary in different market conditions.
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