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Which cryptocurrencies are most affected by changes in the DXY graph?

avatarBhawnaApr 24, 2021 · 4 years ago1 answers

Can you provide insights into which cryptocurrencies are most impacted by fluctuations in the DXY graph? I'm particularly interested in understanding how changes in the DXY index affect the prices and market trends of different cryptocurrencies.

Which cryptocurrencies are most affected by changes in the DXY graph?
Cryptocurrencies
DXY Graph
Market Trends

1 answers

  • avatarRaj KiranNov 15, 2020 · 5 years ago
    Based on my experience at BYDFi, I can say that the impact of the DXY graph on cryptocurrencies can vary depending on the specific cryptocurrency and market conditions. While some cryptocurrencies may show a strong correlation with the DXY graph, others may not be as affected. For example, stablecoins like USD Coin (USDC) and Dai (DAI) are designed to maintain a stable value against the U.S. dollar, so they may be more influenced by changes in the DXY graph. On the other hand, cryptocurrencies like Bitcoin and Ethereum, which have a larger market capitalization and are considered more established, may have their own market dynamics that are less influenced by the DXY graph. It's important to analyze each cryptocurrency individually and consider a range of factors when assessing their potential response to changes in the DXY graph.

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