Where to get actual and historical prices of cryptocurrencies?
You can track the current and historical rates of virtual currencies on our website.
|Currency name||Price||Change in 24h||Change in 7 days||Market capitalisation|
|9.47%||-0.57%||431,164,073,765 USD |
|10.19%||3.02%||194,439,401,268 USD |
|-0.87%||-0.78%||72,108,819,606 USD |
|4.||Binance Coin||301.92 USD|
|9.42%||4.61%||47,665,245,484 USD |
|5.||USD Coin||0.98036 USD|
|4.13%||-2.04%||40,250,567,362 USD |
|1.40%||-0.67%||18,710,071,527 USD |
|11.29%||-0.06%||11,880,891,688 USD |
|8.04%||-0.72%||10,227,506,650 USD |
What are cryptocurrencies?
Cryptocurrencies are virtual money usually based on „blockchain“.
In IT, Blockchain is a special type of a distributed decentralised database containing an ever-growing number of records which are protected from an unauthorised intervention both from the outside and from the side of peer-to-peer network nodes. The most common application of blockchain technology is the use of a cryptocurrency ledger (e.g. Bitcoin) which contains transactions made by its users. The combination with cryptography enables to ensure linearizability of the operations and stop unauthorised transactions.
Very simply said, it’s virtual money in the network which can’t be affected by a third party and which is not possible to be traced down to the original owner.
What are virtual currencies good for?
Cryptocurrencies are primarily used for buying and selling goods, however, a whole range of cryptocurrencies have more functions, such as Ethereum which can be used for connecting applications to the network for utilising so-called „smart contracts“.
Where are they used?
To a certain extent, virtual currencies are associated with illegal activities such as money laundering, financing terrorism, supporting illegal activities on the internet (e.g. torrent server donations). However, you can also use them for selling and shopping for completely ordinary things and services. The most widely spread currency, as you surely know, is BitCoin which can be used for payments in thousands of shops all over the world.
How cryptocurrency trading works?
The key is to determine correctly whether the virtual currency price will rise or fall. If you trade via CFD brokers (Plus500 86% of retail investor accounts lose money when trading CFDs with this provider ), you can speculate on both falling and rising. This is a huge advantage over buying and selling through online exchanges.
What affects cryptocurrency rates?
Like any other currency, cryptocurrencies are based on people’s trust, the cryptocurrency value isn’t backed by anything and depends purely on people’s willingness to put their money into virtual currencies. The price of each specific cryptocurrency is primarily based on market supply and demand.
Some factors affecting the cryptocurrency price are:
- Electricity consumption
- Mining difficulty
- Currency usability
- Public perception of the value
- Media reports
- Bans and official recognition of cryptocurrencies
How to predict the rate correctly?
Follow the news around cryptocurrencies, this will help you with predicting the future rates. The latest news can be found on foreign portals CNN, CoinTelegraph and CryptoNews. New articles are published there almost every hour, but most of them are not important.
Focus on the currency you want to trade, but also other currencies related to it. Most cryptocurrency rates are partially dependent on Bitcoin and Ethereum exchange rates, so it is advisable to get information about these as well.
How to start with trading strategies?*
One of favourite cryptocurrency trading methods is hopping on the trend. The way it works is that when the exchange rate reaches its peak or bottom and starts to turn in the opposite direction, open a trade in the rate direction. The position should be closed as soon as the direction of the rate starts to reverse. This is a basis that is further built on with the personal findings and experience of every trader.
* This is not an investment recommendation.
86% of retail investor accounts lose money when trading CFDs with this provider
You basically have three options on how to buy/sell crypto:
- Buy/sell real cryptocurrencies directly from a broker or exchange, such as Etoro, Binance.
- Buy/sell the currency directly on its official website if there is such an option.
- Don’t buy/sell the virtual currency directly, but trade it using CFD (contract for difference) – for example via Plus500 or Etoro – my tip, it will allow you to speculate on the price fall, Etoro offers both CFD and real cryptocurrencies.
Is it worth buying cryptocurrency start-ups?
The problem with new cryptocurrencies is that you usually don’t know what you are buying and often not even from who. De facto, you are just buying a company’s marketing. Sure, most cryptocurrencies have a “great” idea to convince you why you should buy it but take into account that there are thousands of virtual currencies and every single one is “great”. Is this risk worth it?
It is often the case that the developers of new currencies simply copy the BitCoin source code, make a few adjustments to the code and a new currency sees the world. They can continue by pre-mining a large amount of the currency for themselves, which is followed by aggressive marketing. If they manage to run the project, most of the money is earned just by them. Of course, this situation is not true for every project, but the thing is you never know at start-ups.
Why trade cryptocurrencies?
- Trade 24/7 – cryptocurrencies can be traded even at weekends.
- Track your gains and losses using the Stop Loss function, alternatively Trailing Stop.
- Use leverage – trade CFD cryptocurrencies with 1:2 financial leverage.
- Speculate on price fall using CFD.
- Trade via a regulated company where your money is separated from the company’s bank account.
We recommend using Etoro broker for trading CFD cryptocurrencies (review) – 81% of retail investor accounts lose money when trading CFDs with this provider .