Which cryptocurrencies are most affected by fluctuations in the US-Canadian exchange rate?

3 answers

• Jan 08, 2022 · 3 years ago
  Sure! When it comes to cryptocurrencies that are affected by fluctuations in the US-Canadian exchange rate, Bitcoin and Ethereum are the most prominent ones. This is mainly because they have the highest market capitalization and are widely traded across various exchanges. As the exchange rate between the US dollar and the Canadian dollar changes, it directly impacts the value of these cryptocurrencies. Additionally, since Bitcoin and Ethereum are considered as the 'blue-chip' cryptocurrencies, they tend to be more sensitive to macroeconomic factors, including currency fluctuations.
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• Jan 08, 2022 · 3 years ago
  Well, let me break it down for you. Apart from Bitcoin and Ethereum, other cryptocurrencies that are influenced by changes in the US-Canadian exchange rate include Litecoin, Ripple, and Bitcoin Cash. These cryptocurrencies are also among the top 10 in terms of market capitalization. However, it's important to note that the degree of sensitivity to exchange rate fluctuations may vary among different cryptocurrencies. Factors such as liquidity, trading volume, and market sentiment can also play a role in determining how much a cryptocurrency is affected by currency fluctuations.
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• Jan 08, 2022 · 3 years ago
  According to a recent analysis by BYDFi, a digital currency exchange, the cryptocurrencies most affected by fluctuations in the US-Canadian exchange rate are Bitcoin, Ethereum, and Ripple. This analysis took into account factors such as trading volume, liquidity, and historical price data. It found that these cryptocurrencies have a higher correlation with the exchange rate between the US dollar and the Canadian dollar compared to other cryptocurrencies. So, if you're looking to invest or trade based on exchange rate fluctuations, these cryptocurrencies might be worth keeping an eye on.
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