Which cryptocurrencies are most influenced by SPX trades?

3 answers

• May 07, 2022 · 3 years ago
  Certainly! When it comes to cryptocurrencies that are most influenced by SPX trades, Bitcoin (BTC) and Ethereum (ETH) are at the top of the list. As the two largest cryptocurrencies by market capitalization, they often exhibit a strong correlation with traditional financial markets, including the S&P 500 index. This is mainly due to their status as the most widely recognized and adopted cryptocurrencies, which makes them more susceptible to market sentiment and macroeconomic factors.
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• May 07, 2022 · 3 years ago
  The influence of SPX trades on cryptocurrencies extends beyond just Bitcoin and Ethereum. Other major cryptocurrencies like Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) also tend to move in correlation with the S&P 500 index. However, it's important to note that the degree of correlation may vary over time and can be influenced by other factors such as news events, regulatory developments, and market sentiment towards cryptocurrencies as a whole.
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• May 07, 2022 · 3 years ago
  According to a recent study conducted by BYDFi, a digital currency exchange, the cryptocurrencies that show the highest correlation with SPX trades are Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). The study analyzed historical price data and trading volumes to identify the cryptocurrencies that are most influenced by movements in the S&P 500 index. It's worth noting that correlation does not imply causation, and while these cryptocurrencies may exhibit a strong correlation with SPX trades, it doesn't necessarily mean that one directly affects the other.
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