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The aim of this research is to analyze the volatility of cryptocurrencies, especially bitcoin and ethereum, which is measured by the influence of the gold and dollar index. This research is expected to provide an investment overview that can be used as a reference for investors in considering investment decisions. The method used in this study is a quantitative method. The data used in this study is sourced from investing.com which means that this study uses secondary data. Then the data will be analyzed using the unit root test and the GARCH method, Variables of ethereum, bitcoin, gold, and dollar index, the object of cryptocurrency in this study is bitcoin and ethereum which have the largest market capitalization. The data from this study uses the period from September 13, 2020 to April 6, 2022 or by using time series data. The results of this study indicate that the volatility of Bitcoin and Ethereum is influenced by the price of the dollar index and the price of gold. Then there are consistent results where the movement of Bitcoin returns and Ethereum returns is influenced by the price of the dollar index and gold prices. This shows that the cryptocurrency market has the potential to be used as a means of investing because forecasting results show an increase in bitcoin and Ethereum returns in the future.