Which cryptocurrencies are influenced by changes in the price of gold per ounce?

3 answers

• FacuMay 16, 2021 · 4 years ago
  Certainly! There are several cryptocurrencies that are influenced by changes in the price of gold per ounce. One of the most notable ones is Bitcoin (BTC), which is often considered a safe-haven asset like gold. When the price of gold increases, it can lead to increased demand for Bitcoin as investors seek alternative stores of value. Other cryptocurrencies that may be influenced by gold include Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). However, it's important to note that the relationship between gold and cryptocurrencies is complex, and the influence may vary depending on market conditions and investor sentiment.
  630

  315
• Pedram13May 03, 2024 · a year ago
  Sure thing! When the price of gold per ounce changes, it can have an impact on certain cryptocurrencies. Bitcoin (BTC) is often seen as a digital gold, and its value can be influenced by shifts in the price of gold. Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) are also among the cryptocurrencies that can be affected by changes in the gold market. However, it's important to remember that the crypto market is highly volatile and influenced by various factors, so the relationship between gold and cryptocurrencies is not always straightforward.
  550

  184
• adasJul 24, 2024 · a year ago
  Absolutely! Fluctuations in the price of gold per ounce can indeed have an impact on certain cryptocurrencies. Bitcoin (BTC), being the most prominent cryptocurrency, is often seen as a digital store of value similar to gold. As a result, changes in the price of gold can influence the demand for Bitcoin and potentially affect its price. Other cryptocurrencies that may be influenced by gold include Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). However, it's worth noting that the crypto market is highly dynamic, and the relationship between gold and cryptocurrencies is subject to various factors and market conditions.
  627

  157