Digital Currencies (aka Crypto’s) Are Stronger Than Ever

Digital Currencies (aka Crypto’s) Are Stronger Than Ever

Digital Currencies (aka Crypto’s) Are Stronger Than Ever

$BTCUSD 

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.

In the case of Ethereum, the Korean Won has become prevalent as rules that limit access to more traditional assets are driving Korean investors to mine and trade the 2nd-biggest crypto currency.
Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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