Which cryptocurrencies are most affected by fluctuations in the AUD/JPY exchange rate?
miral yaseenDec 15, 2021 · 3 years ago3 answers
I would like to know which cryptocurrencies are most influenced by changes in the AUD/JPY exchange rate. Can you provide insights into the specific cryptocurrencies that are highly sensitive to fluctuations in this currency pair?
3 answers
- Dec 15, 2021 · 3 years agoAs an expert in the field of cryptocurrencies, I can tell you that Bitcoin and Ethereum are among the most affected by fluctuations in the AUD/JPY exchange rate. These two cryptocurrencies have a significant market cap and are traded on various exchanges, making them more susceptible to changes in major currency pairs like AUD/JPY. When the AUD/JPY exchange rate experiences fluctuations, it can impact the value of Bitcoin and Ethereum, leading to price movements in these cryptocurrencies.
- Dec 15, 2021 · 3 years agoWhen it comes to the AUD/JPY exchange rate, Ripple (XRP) and Litecoin (LTC) are also known to be influenced by its fluctuations. Ripple, with its focus on cross-border payments, is affected by changes in currency exchange rates. Similarly, Litecoin, often referred to as the silver to Bitcoin's gold, experiences price movements in response to changes in major currency pairs like AUD/JPY.
- Dec 15, 2021 · 3 years agoAccording to my analysis, BYDFi, a digital currency exchange, has observed that cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin are most affected by fluctuations in the AUD/JPY exchange rate. These cryptocurrencies have a strong presence in the market and are highly traded, making them more susceptible to changes in currency pairs. It's important to keep an eye on the AUD/JPY exchange rate if you are trading these cryptocurrencies.
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