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MarketersMEDIA / Newsroom / Pablo Soria de Lachica Highlights Most Popular Trading Pairs for Ethereum’s Cryptocurrency

Pablo Soria de Lachica Highlights Most Popular Trading Pairs for Ethereum’s Cryptocurrency

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According to Pablo Soria de Lachica, with BTC and ETH bound in a strong relationship, it is not surprising this constitutes the most active trading pair for Ethereum’s digital asset.

— With a market capitalization of close to $21 billion, Ethereum (ETH) is the second-largest cryptocurrency project, and comparisons with Bitcoin (BTC) are inevitable since the first virtual coin remains the benchmark for the entire market. However, those with in-depth knowledge of the underlying technology consistently point out that the two leading projects in the crypto space have quite different objectives. Bitcoin was designed as digital money, that is, a means of transacting and a store of value. Ether, as Ethereum’s cryptocurrency is called, belongs to the group known as tokens – digital units created to serve as payment for products and services provided by the issuing platform. As the Ethereum organization explains, “Ether is to be treated as "crypto-fuel," a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share, or anything else.” The project also acknowledges that Ethereum would not have existed without Bitcoin. With BTC and ETH bound in a strong relationship, it is not surprising this constitutes the most active trading pair for Ethereum’s digital asset, says prominent forex broker Pablo Soria de Lachica.

With a circulating supply of just over 102 million units, ETH is listed on 400 cryptocurrency exchanges, according to data by Coinmarketcap. Trading in digital assets is extremely dynamic and the market is highly volatile, so prices and volumes can change in a matter of minutes. Based on CryptoCompare calculations for the past month, the pair with BTC accounted for just under 40% of ETH trading volumes. The most active platforms for ETH/BTC were BitZ, Binance, and HitBTC. The second most popular pairing for Ethereum’s token is with Tether (USDT), one of the so-called stablecoins and among the most talked-about digital assets of late. Its attraction stems from its being pegged to the US dollar, and as the project team claims, “every tether is always backed 1-to-1 by traditional currency held in our reserves.” Stablecoins have become extremely popular in recent months, with several new ones hitting the market, and even IBM has partnered with such a project. The combination with USDT made up about 32% of ETH’s total trading volume in the past month, with Binance, FCoin, and BitZ accounting for the majority of trades.

Given the fluctuating price of digital coins and the limited opportunities for using them as a means of payment, traders are understandably drawn to the fiat option, primarily the US dollar, Pablo Soria de Lachica notes. Over the past month, the ETH/USD pair accounted for 12.5% of Ether trading volumes, according to CryptoCompare. Hong Kong-based exchange Bitfinex led by a massive margin, representing almost 38% of ETH/USD volumes over the period. US-headquartered Coinbase, one of the oldest and most popular crypto trading platforms, ranked second with 14.6%, and Simex, another US-based digital assets exchange, came third with just under 12% of volumes.

Pablo Soria de Lachica, an MBA holder from the Universidad Tecnologico de Mexico (UNITEC), specialized in international trading after graduation and succeeded in becoming one of today’s most prominent forex experts. Drawing on his extensive experience, he helps clients maximize profits, providing them with both professional guidance and educational opportunities. Currently, he is working with Kartoshka - a company focused on delivering the latest technologies in sales, telemarketing, and customer support.

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Name: Pablo Soria de Lachica
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Source: MarketersMedia

Release ID: 440606

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