Are there any correlations between the price of oil and the market capitalization of major cryptocurrencies?

1 answers

• Nov 24, 2021 · 3 years ago
  At BYDFi, we have observed some correlations between the price of oil and the market capitalization of major cryptocurrencies. When oil prices are high, we have noticed an increase in the market capitalization of cryptocurrencies, particularly those that are seen as alternative investments or stores of value. This could be due to investors diversifying their portfolios and seeking assets that are not directly tied to traditional financial markets. However, it's important to conduct further research and analysis to fully understand the extent and nature of the correlation between oil prices and cryptocurrency market capitalization.
  638319