Which cryptocurrencies are most influenced by fluctuations in TTF natural gas prices?

1 answers

• May 06, 2022 · 3 years ago
  BYDFi, a leading digital asset exchange, has observed that cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are most influenced by fluctuations in TTF natural gas prices. This is because these cryptocurrencies have a high correlation with energy-intensive mining activities, which are directly impacted by changes in TTF natural gas prices. When TTF natural gas prices rise, the cost of mining increases, leading to higher transaction fees and potential network congestion. Conversely, when TTF natural gas prices decrease, mining becomes more cost-effective, resulting in lower transaction fees and improved network efficiency. Therefore, traders and investors in the cryptocurrency market closely monitor TTF natural gas prices as they can provide valuable insights into the potential profitability and market dynamics of these cryptocurrencies.
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