Digital currencies have been around for some time and the first and probably the most popular one is Bitcoin. Other similar currencies are now emerging an one of them is Ether which is now known to be the second largest in the market. Introduced in August 2015, its initial value was around $2.8 and since then its price has steadily increased.
So what is Ethereum?
Ether is the digital currency that is based on Ethereum technology. Just like Bitcoin, Ethereum is a blockchain based system but the difference from the latter is that its not just another digital currency. Bitcoin was primarily created as an alternative currency while Ethereum was developed to create a suite of decentralized applications. As a trader, you only need to focus on the “Ether” currency as this is an alternative to traditional currencies the the USD, GBP etc.
Relation to Bitcoin
Since Bitcoin is the most popular cryptocurrency in the market today, it has a direct effect on the price of Ether so if the value of Bitcoin appreciates then Ether prices go up as well making them a viable investment option.
Making a Profit from the Ether Cryptocurrency
With a fluctuating price, you can make a considerable amount of profit by trading Ether and you have the option to execute an intraday or long-term trade. If you’re planning to invest on this digital currency, we highly recommend that you only choose an international forex and CFD brokerage like eToro. Multi-regulated and in compliance with the strictest guidelines, they have recently adding this rising cryptocurrency to its trading portfolio.
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