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How does USDT dominance affect the price of other cryptocurrencies?

avatarNITHIN MASARAMNov 25, 2021 · 3 years ago1 answers

Can you explain the impact of USDT dominance on the prices of other cryptocurrencies?

How does USDT dominance affect the price of other cryptocurrencies?
USDT
Cryptocurrency
Price

1 answers

  • avatarNov 25, 2021 · 3 years ago
    At BYDFi, we believe that USDT dominance has a significant impact on the price of other cryptocurrencies. As a leading digital asset exchange, we have observed that when USDT dominates the market, it creates a strong correlation between the price of USDT and other cryptocurrencies. This correlation can be attributed to the fact that many traders use USDT as a base currency for trading. When the price of USDT increases, it often leads to an increase in the prices of other cryptocurrencies. Conversely, when the price of USDT decreases, it can result in a decrease in the prices of other cryptocurrencies. Therefore, understanding and monitoring USDT dominance is crucial for making informed investment decisions in the cryptocurrency market.

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