Why Crypto Currency Prices Change So Quickly?
Today in this video, we are going to guide you about the 5 main reasons that affected the change in the price of Cryptocurrency.
A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange.
A cryptocurrency is a virtual digital asset that can’t be counterfeited or copied. There are several types of such assets, the most popular being Bitcoin, which shares the space with others like Ethereum, Ripple’s XRP, Dogecoin, etc.
Wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins.
Trading or investing in cryptocurrency is completely different from investing in traditional currencies.
The traditional currency is issued by the central government, and therefore, its value is affected by different factors like monetary policy, inflation rates, and economic growth, etc.
So how does cryptocurrency price change?
It depends on various factors like:
– Supply and Demand of Cryptocurrency
– Mass Adoption
– Production Cost
– Number of Competing Cryptocurrencies
– Government Regulations
Many crypto startups have emerged in the space during this pandemic to cater to the ever-increasing demand for Bitcoin and alike cryptocurrencies.
And in case you are looking to get started with your investments with Cryptocurrencies, feel free to check out CoinSwitch.
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