Digital Currencies (aka Crypto’s) Are Stronger Than Ever
Bitcoin prices, up over 400% YTD, hit $5,896 Saturday.
While Bitcoin is the largest crypto currency, 11 other coins have a market cap in excess of $1-B, demonstrating diverse trading options.
Bitcoin’s dominance is still felt across the market, it is the main currency traded against all other crypto currencies.
Changing economic and regulatory conditions have led to sudden shifts in trading volume against different currencies, reflecting how volatile these markets can be on a day to day basis.
Bitcoin trading Vs the RMB Yuan (BTC/CNY) used to account for most of the trading volume. But, that changed this year when China’s central bank regulators clamped and shut down many digital currency exchanges.
Japan’s JPY took over as the biggest trading pair (BTC/JPY) as regulators there took the opposite approach, adopting digital-friendly rules.
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