Launched in 2009, Bitcoin was the first decentralized digital cryptocurrency. Its characteristics more closely resemble commodities rather than conventional currencies. It often records the highest trading volume in almost all the exchanges it’s listed on.
When you choose to trade derivatives on bitcoin, the price is usually quoted against the US dollar. In other words, you are selling USD to buy bitcoins. If the price of bitcoin rises you will need to buy BTCUSD in order to make a profit, because bitcoin is now worth more USD than when you bought it. If you decide to sell BTCUSD and the price rises, then there will be a loss.
Important cryptocurrencies other than bitcoin include Ethereum (ETH), the second- largest digital currency by market capitalization after bitcoin, Ripple (XRP) which remains one of the most attractive digital currencies among traditional financial institutions to revolutionize cross-border payments and Litecoin (LTC), often referred to as "sliver to bitcoin’s gold".
The price of a cryptocurrency can be affected by many factors including supply and market demand for it, regulation, news and media and price speculation.
At 247nadex we offer you the opportunity to trade popular Cryptocurrencies as derivatives without owing the digital asset, with 24-hour trading, low margin requirements, and the ability to trade on both rising and falling prices.