Cryptocurrencies: Hot Markets For Active Traders - Forex News by FX Leaders

Cryptocurrencies: Hot Markets For Active Traders

Posted Thursday, September 7, 2017 by
Shain Vernier • 1 min read

The markets of cryptocurrencies present interesting new frontiers for active traders. When asked “What is cryptocurrency?” most people admittedly have no idea. To be honest, their mechanics and functionality are complex.

However, you don’t need to be a computer programmer to capitalize upon the cryptocurrency markets. Assets such as Bitcoin, Ethereum, and Litecoin offer traders a high degree of pricing volatility and market liquidity.

Simply put, “cryptocurrency” equals “opportunity.”

Bitcoin

Bitcoin is the most well known of all cryptocurrencies. Introduced in 2009, Bitcoin has become the global standard for internet-based money.

BitcoinBitcoin=Real Value For Traders

Initially, Bitcoin wasn’t received well. But now, look out! As of this writing, one Bitcoin is equal to $4600. That is a far cry from the mere pennies it was initially valued at.

Here are a few metrics that illustrate Bitcoin’s performance for 2017:

  • Price is up 650% for the year

  • Gain of 32% for August

  • Current price for one Bitcoin is three times greater than for one ounce of gold

Overview: It is true that we have missed the big rally in Bitcoin, so we are not instant millionaires. But the inherent volatility and liquidity in the market is great for short-term traders.

New CFD products based upon cryptocurrencies are in development and will bring even more opportunity. While the situation is certainly fluid, visiting a social trading platform can be a good way of gaining knowledge directly from traders in the know.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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