The changes in the prices of base and precious metals on the global metal market have a significant impact on credit risk factors. The link between these factors has been neglected over the years by traditional credit risk models. The inclusion of correlation coefficients within the set credit risk model will show the impact of these changes on other variables of credit risk over the years under review and the impact of these changes on the probability of default and the recovery rate. Changes in base metals prices on the London Metal Exchange (LME) for lead and zinc and the London Bullion Metal Association (LBMA) for gold and silver as precious metals were used in the proposed credit risk model for the period of ten years. The research was done by using the multivariate regression analysis model and based on the statistical model evaluation,the significant impact of all observed independent variables on the dependent variable of the proposed model was proved. The construction of the proposed model with proven predictability gives a scientific significance to the research that includes variables of models from different markets, which have a significant impact on the variables from the financial market.

New technologies have a significant role in modern financial markets. The application of new technologies, application and software solutions has enabled financial institutions and individual and institutional investors to use mathematical-statistical and econometric models, which are based on analysis and evaluation of investment portfolios, financial risk assessment and extrapolation, as well as predictability related to cyclical economic trends, which are directly reflected in the investment portfolio. Due to the impact of the financial crisis, and especially due to global negative economic trends caused by the COVID-19 pandemic, alternative forms of financial assets that are directly created by the application of new technologies are becoming increasingly important in the international financial market. These alternative forms of financial assets are presented as cryptocurrencies. Bitcoin is the first cryptocurrency in the global financial market, and Ethereum is the second cryptocurrency in terms of market turnover. In this regard, arises the question: "Do these two leading cryptocurrencies have a significant impact on the modern financial market, as well as on the decision of individual and institutional investors regarding a different structure of the investment portfolio?" Restructuring the investment portfolio by including cryptocurrencies, aims to achieve portfolio diversification in order to better manage market and financial risks. This paper will analyze the impact of cryptocurrencies, their volatility, turnover volume and the possibility of using them as alternative financial assets of an optimal investment portfolio.