How Do the Cryptocurrency Markets Work?
What Are Cryptocurrencies?
In 2009, Bitcoin was released into the public markets, becoming the first cryptocurrency or digital currency. The objective of this digital money was to offer an alternative to fiat currency that is issued and controlled by governments and central banks, such as the US dollar and the Japanese yen. Since Bitcoin was introduced into the market, there have been many other cryptocurrencies that have also been released.
Cryptocurrencies function by validating financial transactions through cryptography on virtual ledgers which are transparent and publicly viewable. The ledgers are stored in the blockchain which is a virtual record of every transaction ever made using a specific cryptocurrency coin.
Cryptocurrency markets have seen values appreciate rapidly with Bitcoin reaching a record high of just beneath $20,000 by the end of 2017. Since then, the world’s first cryptocurrency has even broken that record reaching more than $55,000. Today, cryptocurrencies have become a firm favorite among investors as they offer many lucrative trading opportunities and an effective way to diversify one’s trading portfolio.
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