The cryptocurrency market has experienced an unexpected recovery in recent months, despite the fact that coronavirus cases have taken off at an increasing rate worldwide. Since the beginning of the year, the exchange rates of both the most popular cryptocurrencies, ETH and BTC, have risen by 200% and 65%, respectively, raising network transaction fees to close all-time highs. The both cryptocurrencies reached the height of the sky in 2020, and the number of active and titles became the second highest after the December 2017 price explosion.
Crypto money as a safe haven
The explanation for this outstanding price-performance lies in a number of determinants at the same time. One is the growing concern about COVID-19 and its macroeconomic impact on the global economy, which may cast doubt on whether full recovery is finally achieved before the vaccine is discovered and distributed to the public. Given the lack of final steps so far, this may explain why a large part of the population has transferred their assets to the crypt instead of the traditional son. Also a points out that cryptocurrencies are much more widely attracted among millennials, who prefer to store their assets in cryptocurrencies for the next cycle of an increasingly volatile global economy, as opposed to baby boomers, who are clearly willing to buy gold.
Second, the answer to the rise in digital device prices lies in the supply of tokens. Cryptocurrencies such as bitcoin, which deserved to be referred to as “digital gold” because of their scarcity, were already at the top of the list of cryptocurrencies whose price is inflated due to the very limited nature of the chips in circulation – limited to millions at just 21 years old. Further encouraged by the authorities ’friendly regulatory stance, including a Russia that supports the issuance of corporate chips and calls cryptocurrency a taxable property, Bitcoin’s wheels are now aiming for even wider global acceptance.
Stablecoins is also facing a growing wave of interest. Because Tether is mostly used by many traders as intermediary storage during short breaks between trades, its combined turnover within the network has reached . In addition, more and more world-renowned organizations are fueling their interest in issuing tokens. One of the most memorable examples is Goldman Sachs, which was criticized just a few months ago for the speculative nature of , but was later told about the bank’s own token. After long negotiations, too predicted to be created soon.
The crypto market is turning into a massive profit for merchants
Seeing the growing popularity of cryptography and cryptonomy, this trend has already given new impetus to new companies to accelerate their position in the cryptophone market. As some of the have already established themselves in this environment, it is not uncommon for new companies to join the circle to promote the features of advanced functionality. This is especially relevant for hedge trading, which has already been replicated very successfully after a Forex market. As a fairly innovative solution in the field of cryptography, it currently incorporates up to 30 trading platforms, of which only Bitmex, Bybit, FTX, Bitfinex and Deribit are close enough to the idea of a full-fledged margin trading terminal.
The most relevant addition to the list is – a stock exchange focused on trading highly liquid currency pairs such as the euro (EUR), Russian ruble (RUB), Turkish lira (TL) and Ukrainian hryvnia (UAH) against the most trendy cryptocurrency instruments. . In particular, it distinguishes leverage up to x25 from a pool of more than 180,000 participants. The first public release in 2018, the platform is already firmly involved in the market and has proven to be a reliable mechanism against hacker attacks, mainly due to its cold wallet.
All in all, as the cryptocurrency market grows, it becomes a new edge in financial and digital technology development. It is likely to continue to move in the future until it gradually reaches the same level as the Forex market and eventually overturns. That’s why cryptographic trading platforms can become a tasty bite for traders who want to expand now.