Trading Bitcoin’s Little Brother: Ethereum
Shain Vernier • 1 min read
Bitcoin, Ethereum, Litecoin. The names sound like they belong in the realm of science fiction, not the global currency markets. Yet cryptocurrencies are becoming an increasingly large part of the contemporary financial system. So, what is cryptocurrency?
Cryptocurrencies Have The Potential To Turn The Traditional Monetary System Upside Down
In short, cryptocurrencies are an exclusively digital form of money. As with fiat currency, consumer confidence coupled with basic supply and demand fundamentals dictate absolute value. Due to the relatively limited market caps of crypto currencies, high degrees of volatility makes them an ideal target for active traders.
When it comes to cryptocurrencies, Bitcoin (BTC) steals the show. Currently valued at over $4000 per one BTC, it is the global standard of digital money. However, many traders have chosen to engage an up-and-comer called Ethereum.
Ethereum (ETH) is another crypto currency that has seen huge appreciation during 2017. Here are some highlights of its robust performance:
ETH has traded from $8.90 in January to a high of $390.00 in August
ETH is currently trading $302.50
Weekly trading ranges are typically 10% to 25% of market value
ETH ranks second to BTC in market cap, valued at over $28 billion
ETH is a popular choice for investors that want to be long the crypto currency market, but don’t want to purchase BTC at over $4000. In many ways, purchasing ETH is like buying the cheapest blue-chip stock looking for sector-wide growth to bolster earnings.
Of course, traditional currencies and forex trading remain the prominent mediums of exchange globally. In order to engage the world’s largest market, be sure that you know how to use free daily forex signals from FX Leaders.
As always, trade smart and for tomorrow!