It is not often that something comes along and shakes the very fabric of trading. This is just as true in currency trading as it is in other markets, and while there are certainly events which shake investors or draw more mainstream attention to their investments, relatively few things drive people to invest in droves. Cryptocurrency is an exception. With more than 300 million users and a market cap of $2.17trn, cryptocurrency has proven to be a formidable addition to traditional currency trading. Thanks to the success that some traders have had with cryptocurrencies, many new and aspiring traders have entered the market hoping for a bit of profit.
How have cryptocurrencies attracted a whole new audience to the world of trading? Let’s take a quick look.
The unlikely success of Bitcoin
Cryptocurrency was not always a sure bet. In fact, for many years, it remained a highly niche topic with which few people were familiar. Bitcoin, the first modern cryptocurrency, was launched in 2009 by a mysterious and still-unknown individual or group with the online handle “Satoshi Nakamoto”. The currency was first used for retail transactions in 2010. In 2013, there was a temporary halt to procedures when software inconsistencies led two major networks to clash about transaction rules, but this situation was resolved fairly quickly and Bitcoin began to find mainstream recognition when Foodler and OkCupid began to accept it as a payment option. However, Bitcoin was still considered a “delusion” by many and a Ponzi scheme by others in 2013.
By 2020, Bitcoin had become a widespread currency accepted by many banks and popular payment processors such as PayPal. The cryptocurrency hit a high of $63,000 in April 2020 only to drop before rallying to $50,000 in 2021. This growth, along with the potential for explosive gains over a short amount of time, has convinced many new traders to enter the market and try their hand at cryptocurrency trading. From making trading easy via the use of apps to offering users a sense of excitement, the cryptocurrency trading market wasted no time in booming. Worth nearly $1.5bn in 2020, the cryptocurrency market is estimated to reach nearly $5bn by 2030, a compound annual growth rate (CAGR) of 12.8%.
While it has yet to reach the prevalence of traditional currency trading, cryptocurrency is a modern currency with modern appeal. Bitcoin, in particular, is poised to continue to grow and, undoubtedly, pull even more people into the market as they search for explosive profits and prepare to weather the temperamental lows.
How can I trade currencies?
Don’t worry if the idea of trading cryptocurrency is a confusing one. There are many respected names in the industry offering helpful information about how to start trading crypto. AskTraders is a respected group of professionals dedicated to helping new and experienced traders alike thrive, and their cryptocurrency trading guide is an excellent start.
What do you think about cryptocurrency trading? While the market is relatively new, it is making waves around the world, and many are flocking to the stock market to show their support.
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
For publishing articles on our website get in touch with us over email or one of the accounts mentioned below.
Source: https://www.thecoinrepublic.com/2022/08/08/the-rise-of-cryptocurrency/