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What’s the deal with Cryptocurrencies?

With Ethereum’s next challenge to reach $467, Bitcoin’s change in vitality in recent times has had an inflated impact on Ethereum which currently has a lot of interest from the financial industry. Will it continue with this significant growth? Time will tell.

By Oskar Pecyna, CEO, IFM Trade

Blockchain and Cryptocurrencies are a hot topic recently being widely discussed in the mainstream media. While Ether and Bitcoin are being purchased mainly by individual investors, the combined value of all Ether and Bitcoin is now worth more than the market capitalisation of PayPal and is considerably approaching the size of Goldman Sachs.

But what is the story behind this hype? In simple terms investors buying Ether are placing a bet that people and companies will want to use the Ethereum computing capabilities and will need the Ether to do so. On the other hand Bitcoin has made its way to the mainstream commerce, with companies like Subway or Expedia accepting Bitcoin for purchases.

Bitcoin is renowned but Ether is becoming a pretender to take over the leader position of the cryptocurrencies market. It has already surpassed long established Litecoin which was the second biggest cryptocurrency of the world for years. A number of investors are now focusing on Ripple and Dash seeing the potential, following the growths obtained by Etherum and Bitcoin. The best strategy would be to diversify and potentially switch long and short positions on single cryptocurrencies as there seems to be a lot of volatility on the market which affects each of those currencies differently.

Currently after weeks of growth it seems that the cryptocurrency market is facing a correction. It might be bad news for the holders of the actual cryptocurrency, but a great opportunity for traders on cryptocurrency based CFDs giving a flexibility of short sell and leverage position when needed.

Just recently, the cryptocurrency powering Ethereum blockchain was heading towards the title of the world’s largest by market capitalisation, making Ethereum the most valuable public blockchain. But, suddenly in mid-June its price dropped from $415 peak to $292 in 24 hours, an impressive 32% decline. Due to this move, Ethereum’s market cap fell to less than 62% of bitcoin’s, down from more than 82% mid-month.


Source: Coinbase and coinmarketcap

As of today, ETH/USD is traded at $236.30 as shown above (as of 08.46 a.m. GMT) which started off its trading day with a 5.09% depreciative value.

Acknowledging the influx of media coverage of cryptocurrencies, Oskar Pecyna, CEO of  IFM Trade, indicated that IFM Trade sees an increased interest in CFDs based on cryptocurrencies. Being one of the few platforms covering such a wide scope of them (Bitcoin, Litecoin, both Euthereum types, Dash and Ripple) it naturally attracts traders interested in diversifying their portfolio into multiple cryptocurrencies.

“We offer leverage that allows entry into the cryptocurrencies trading with a smaller starting capital. Such structure combined with a short selling option is an interesting set-up for traders expecting corrections on the rallying cryptocurrency prices.”, he said.

Previously, analysts have envisaged that Ether would surpass Bitcoin, estimating in some cases that this could take place during this year. And despite Ether’s recent price drop, many analysts still believe this will be the case.

Tim Enneking, managing director of Cryptocurrency hedge fund, Crypto Asset Fund, was quite sure that Ether is still on track to becoming the market leader: “Ethereum will still take over top spot in terms of market cap from Bitcoin before the end of the year,” and he called recent Ether price movements “a bit of consolidation before the next push”.

Marius Rupsys, a cryptocurrency trader and co-founder of fintech startup InvoicePool, offered a similar opinion: “I still believe that [Ether] is moving to become largest by market cap. It will not happen in a day, but it is getting there,” he said.

With Ethereum’s next challenge to reach $467, Bitcoin’s change in vitality in recent times has had an inflated impact on Ethereum which currently has a lot of interest from the financial industry. Will it continue with this significant growth? Time will tell.

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“We believe in an open market” – a new player in the Forex market

We are proud to introduce to an Australian market a new brand IFM Trade, offering the access to multiple financial markets. What distinguishes us is a comprehensive offer of ultra-tight spreads on our range of Forex, Indices, Global Equities and Commodity markets, with over 470 instruments to trade including Bitcoin and other Cryptocurrencies. Transparency is our business model: we pride ourselves on our exemplary regulatory track record and always strive to do the right thing.

Solid foundation
We operate since 2012 giving clients an access to wide range of financial markets. December 2016 is another milestone in our road to cater for all our client needs. We are proud to introduce a brand new offering allowing our clients an access to Forex and CFDs market. We have focused on a wide range of instruments which reflect markets of interest of our clients: currencies, stock indices, commodities and global single stock CFD. We rely heavily on the education of both our current clients and any potential customers who want to start trading.

Wide range of tools
We offer a wide range of tools and an offer which is a result of complex analysis of our clients suggestions and the market standards. You will get variable spreads starting from 0.0 pips, available not only for 65 currency pairs but also such innovative products as Bitcoin and single stock CFDs.

Transparency is our key value
“Our priority is to provide the wide range of services to every customer at any stage of cooperation from a new account registration to the withdrawal of potential profits” – Oskar Pecyna (CEO).
“For us transparency is a key value. We believe that this is the only way forward for the industry as a whole. This is what separates us from the rest of the field – a business model that prioritises the on-going success of our clients and a desire to lead by example.”

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