Which cryptocurrencies are most affected by changes in the Brent oil price?

3 answers

• Ramisa Ibnat MorshedSep 20, 2021 · 4 years ago
  When it comes to the relationship between cryptocurrencies and the price of Brent oil, there are a few digital currencies that have shown a higher correlation. Bitcoin, being the largest and most well-known cryptocurrency, often experiences some impact from changes in the Brent oil price. This can be attributed to the fact that Bitcoin is considered a safe haven asset by some investors, and during times of economic uncertainty or geopolitical tensions, both oil prices and Bitcoin prices can be affected. However, it's important to note that the correlation between Bitcoin and Brent oil is not always consistent and can vary depending on other market factors.
  666

  333
• Priyanshu MehrotraJun 28, 2022 · 4 years ago
  Another cryptocurrency that has shown some sensitivity to changes in the Brent oil price is Ethereum. Ethereum, being the second-largest cryptocurrency by market capitalization, tends to follow the overall sentiment of the cryptocurrency market. If there is a significant drop in the price of Brent oil, it can lead to a general market downturn, affecting Ethereum and other cryptocurrencies as well. However, it's worth mentioning that the impact of Brent oil price changes on Ethereum is not as pronounced as it is on Bitcoin.
  530

  177
• Bass LacroixSep 20, 2021 · 4 years ago
  As for BYDFi, a digital currency exchange, it's important to note that the impact of Brent oil price changes on specific cryptocurrencies can vary. While Bitcoin and Ethereum may show some correlation, other cryptocurrencies may not be as affected. It's crucial for traders and investors to conduct thorough research and analysis to understand the potential impact of Brent oil price changes on individual cryptocurrencies. Factors such as market sentiment, overall economic conditions, and specific developments within the cryptocurrency industry can also play a significant role in determining the extent of the impact.
  623

  156