What is Altcoin / Bitcoin trading? Altcoins can be traded on the market just like bitcoin with the help of cryptocurrency trading platforms. Trading between altcoins and bitcoin is as popular as trading with altcoins against fiat currencies such as USD, EUR, RUB or CNY. Similarly, most major altcoins are trading near key breakout levels, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up around %, but it is facing a strong resistance near the USD and USD. Dec 22, · Popular crypto strategist Nicholas Merten is keeping a close watch on Bitcoin, Ethereum, XRP, and Litecoin. In a new edition of DataDash, Merten maps out to his , subscribers the levels to watch for BTC. “We are in uncharted territory. This is a first for where Bitcoin is in its price.
Altcoin bitcoin tradingBitcoin and Altcoins Trade Near Key Breakout Region
Dash even works as a corporation with decision making board and a development team concentrating on updates and new features. Strong social and media activity also helps growing the values of altcoins. Altcoins can be traded on the market just like bitcoin with the help of cryptocurrency trading platforms.
The market is continually growing, the popularity of ETH altcoins trades have been increasing recently. Altcoin trading works similar to the forex trading, so general background knowledge of the forex markets can be beneficial for new traders.
You can trade the major altcoins without the need of picking up the technical knowledge of cryptocurrencies, however it is suggested to follow the news associated with the industry to be able to act quickly on major market moves.
In order to start trading, the traders should pocess altcoins that can be transferred from the altcoin wallet to the altcoin exchange. There are some exchange on the market, where you can purchase altcoin directly on the site before starting trading. In other cases you have to own altcoins upfront. Couple of trading site offers the option to trade with CFDs. This enables traders to benefit from the market movements of the underlying altcoins without actually owning cryptocurrencies.
By purchasing a certificate which value is linked to an altcoin, all the benefits of the altcoin trading can be enjoyed, without the technical background needed to open a cryptocurrency wallet. Altcoin trading have two different pricing models. Platform can charge each order a fixed or pro-rata fee than can be decreased by increasing the trading volumes.
An other approach is the spread based model, where the platform does not charge specific fees on the orders but the bid and ask prices of each trade already includes the trading fee.
Couple of exchanges apply the maker-taker fee schedule, which gives discount to those traders who provides liquidity on the market and charge fees to those who are taking the orders from the order book.
Just like during forex trading platform, altcoin trading sites also offers trading on margin. Trading on margin means borrowing money in order to increase the exposure to a certain market to benefit more on the price changes. Margin trading can be very risky, so it is only suggested to advanced traders. The amount of leverage can be widely different among the sites, the most common leverage used by altcoin trading platform is x, but at couple of places the leverage can be increased up to x. Tutorials on margin trading can be found on BitcoinTradingSites.
If this is not offered at the trading platform of your choice you can get a separate trading VPS. Here is a list of hosting services that are often used by Forex traders.
Altcoin trading can earn significant money while trading from home in case the necessary research has been performed by the traders. Due to the high volatility of the altcoin markets, the trading profits can be higher compared to forex trading or even compared to bitcoin trading. This volatility can be taken as an advantage if the trader joins the market at the right time. During trading with altcoins, the pump and dump scheme is often used on the market.
This happens if a new coin on the market received significant amount of publicity and the prices are inflated artificially through misleading or exaggarated information. It is advisable to pay careful attention to any news associated with cryptocurrencies that can affect the price of the altcoins. If there is no upside break above USD 18,, the price might start a fresh decline.
An initial support is near the USD 18, level. The breakdown support is now forming near USD 18, Ethereum price also recovered from the USD zone.
On the downside, an initial support is near the USD level. Bitcoin cash price is consolidating above the USD support level. Conversely, there is a risk of a break below USD In the stated case, the price might decline towards the USD support. The main breakout resistance seems to be forming near the USD On the downside, the USD The price surged above USD 0.