Are there any specific cryptocurrencies that are influenced more by the Nasdaq 100 compared to the S&P 500?

3 answers

• May 07, 2022 · 3 years ago
  Yes, there are specific cryptocurrencies that are influenced more by the Nasdaq 100 compared to the S&P 500. One example is Ethereum (ETH), which has shown a stronger correlation with the Nasdaq 100 index than with the S&P 500 index. This can be attributed to the fact that Ethereum is often seen as a technology platform and is considered to have more similarities with the tech companies listed on the Nasdaq exchange. As a result, when the Nasdaq 100 performs well, it tends to have a positive impact on the price of Ethereum.
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• May 07, 2022 · 3 years ago
  Absolutely! Some other cryptocurrencies that are influenced more by the Nasdaq 100 include Ripple (XRP) and Litecoin (LTC). These cryptocurrencies have shown a stronger correlation with the Nasdaq 100 index compared to the S&P 500 index. The reason behind this could be the increased adoption of these cryptocurrencies by tech companies and the overall sentiment of the market towards technology-driven assets. When the Nasdaq 100 performs well, it often leads to increased interest and investment in these cryptocurrencies.
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• May 07, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, has observed that certain cryptocurrencies, such as Bitcoin (BTC) and Cardano (ADA), are more influenced by the Nasdaq 100 compared to the S&P 500. This can be attributed to the fact that these cryptocurrencies have gained significant attention from institutional investors who are more closely aligned with the tech-focused Nasdaq 100 companies. As a result, when the Nasdaq 100 experiences positive movements, it tends to have a greater impact on the price and performance of Bitcoin and Cardano.
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