While cryptocurrencies are not accepted as legal tender in the vast majority of countries around the world, their potential to change the wider financial landscape has made them impossible to ignore and has opened up investment and trading opportunities.
The Blockchain technology that drives most cryptocurrencies also has wider implications for everything from client-server models to food supply chains and enhanced cyber security protocols.
Trading cryptocurrencies is quite different from more traditional markets like Forex or Indices as, because they are relatively new assets, they are not influenced by many of the same forces as other more established markets.
There are a range of cryptocurrencies on the market, some better known than others and each with varying degrees of volatility.
What moves cryptocurrency markets?
Because cryptocurrency markets are so new, there are less correlating assets that drive price changes and because they have been designed as decentralised assets free from regulatory control, things like data releases, rate changes and political upheaval do not affect them as much as fiat currencies.
Cryptocurrency prices are sensitive to potential moves towards greater regulation as well as a range of factors like:
Disagreements within crypto communities over upgrades, for example when a cryptocurrency undergoes a hard fork (This can occur when its Blockchain diverges in two different directions)
Attacks on cryptocurrency exchanges which expose security flaws
News stories and rumours of greater central bank control or of countries potentially banning cryptos
There are a range of cryptocurrencies on the market, some better known than others and each with varying degrees of volatility.
Some of the cryptocurrency markets you can trade at ETX as a spread bet or CFD
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