ETH/Euro Trading Pair is Becoming A Darling Among Cryptocurrency Traders

Cryptocurrencies are gradually becoming a key part of the global economic and financial landscapes. Bitcoin, the first cryptocurrency application of blockchain technology has opened the proverbial Pandora’s box on the incredible benefits of cryptocurrencies over traditional fiat currencies. Interestingly, cryptocurrencies can’t readily break down the trust and skepticism barrier prevalent in the mass-market about non-fiat currencies. Hence, there needs to be a way for seamless cross-transactions between fiat and cryptocurrencies to activate mass-market adoption.

The Euro is the second most popular reserve currency in the world and by far the most widely used currency in Europe because of its position as the official currency of the Eurozone and the European Union. 19 out of the 28-member nations of the European Union use the Euro as the legal tender and 11 countries have their currencies pegged to the Euro. This piece looks at developments in the ETH/EUR trading space as cryptocurrencies continue to take center stage in global economics.

Meet the ETH/EUR Pair

Many crypto traders and investors are familiar with the ETH/USD pair, but ETH/EUR pair for trading Ethereum with Euro is fast becoming a trending trading method. Ethereum currently trades around €514.80 with a 24-hour trading volume of €849,375,036, and its market cap is around €51,399,912,054.

The chart above shows the ETH/EUR price chart performance over the last 30 days. Ethereum is down 13% in the last 30 days, down, 13% in the last 14 days, down 3.1% in the last 7 days, and it has managed to climb 0.7% within the last 24 hours.

A strategic move to enhance the mass market adoption of Ethereum

The arrival of ETH/EUR trading pair is a welcome development in the crypto market – many exchanges only provide support to trade the ETH/USD pair without taking cognizance of the strategic importance of the Euro to the global economy.

Prior to the arrival of the ETH/EUR pair, cryptocurrency traders and investors in Europe often need to go through a laboriously long and slightly expensive route to include ETH in their portfolio. They’ll first need to trade their EUR for USD before they can then buy ETH; when selling, they’ll need to first sell the ETH for USD, and then convert the USD back to their native EUR. In other instance, traders might need to first use their EUR to purchase BTC before they can now buy ETH with the BTC. The creation of the ETH/EUR trading pair makes it easy for new and seasoned traders to increase their Euro-denominated exposure in the cryptocurrency industry.

Crypto trading is becoming more attractive than fiat trading

Foreign exchange trading is the traditional method of profiting from the difference in the exchange rates of fiat currencies as economic tides flow and ebb. The debut of cryptocurrencies as digital alternatives that could retire fiat currencies has birthed a thriving market for cryptocurrency trading.

Cryptocurrency trading is gradually shaping up to be a more exciting and rewarding experience.  For one, the cryptocurrency market is opened 24/7/365 just like the foreign exchange markets. However, beyond the apparent similarities; cryptocurrency trading is more attractive to traders.

To begin with, cryptocurrencies are inherently more volatile than traditional fiat currencies – traders worthy of the name know that volatility should be embraced rather than avoided in a trading venture. In 2017, Ethereum delivered impressive 8,678% gain from $8.24 all the way to $723.38. In the year-to-date period, Ethereum is trading at a 22% discount to its trading price at the start of the year. Yet, the fact that prices can easily soar 10%, 20% or more in any direction continues to enhance market interest in the ETH/EUR pair.

For those looking to trade the ETH/EUR pair, eToro provides cryptocurrencies CFD’s through a user-friendly platform.