0x (ZRX) to USD is a major trading pair. Not only is 0x an important emerging altcoin, the US dollar is the most traded fiat currency in the world.
The 0x/USD price can move up or down in a trend direction, but it can also move sideways if there is a lack of trading volume. The 0x/USD exchange rate experiences occasional price swings along with breakouts or breakdowns.
The 0x to USD pair may fluctuate by around 10% within a 24-hour period. Over a seven-day period, the price could fluctuate as much as 20%. Over a 30-day period traders can expect volatility of up to 20%-30% for the ZRX to dollar trading pair.
0x overview
0x was co-founded by Will Warren and Amir Bandeali in October 2016. It is a decentralised cryptocurrency exchange for trading ERC 20 tokens on the Ethereum blockchain. The intention behind 0x was to provide a standardised method of trading any Ethereum token on the blockchain. From fiat currencies to gold to stocks, the founder’s vision was to create a platform whereby each asset could be represented as a token.
0x is the protocol and ZRX is the staking coin. ZRX is used to pay trading fees to relayers. 0x relayers collect off-chain orders individuals send to them, and relay them to parties that request these orders to potentially fill.
Owning ZRX allows you to have a say in how the protocol evolves. Token holders can also stake their tokens to earn ETH liquidity rewards. Since its creation, other decentralized exchanges have emerged, including Zerion, DeFi Saver and Nuo.
Facts about 0x:
- ZRX supply is fixed at 1 billion
- There are 845.5 million ZRX currently in circulation
- ZRX is currently valued at $1.28bn
In 2017, 0x raised $24 million in an initial coin offering (ICO) for its ZRX token.
The ZRX price has skyrocketed since its launch. In January 2018, 0x reached highs of $2.37. After experiencing intense volatility throughout 2018, it plateaued at lows of $0.24 throughout 2020. In early 2021, the price picked up again to highs of $2.03. Dropping again through the middle of 2021, the end of October saw another upturn to highs of around $1.61. As of early November, ZRX price stands at $1.29.
Which factors affect 0x value?
The factors affecting 0x value can be divided into two groups- 0x-specific factors and factors affecting the cryptocurrency market as a whole.
0x-specific factors:
- Future developments, upgrades and technological improvements
- Competition from other functional decentralised exchanges
- 0x-related sentiment
- Increased criticism of inconsistent liquidity and slow transaction times
General factors related to the crypto world:
- Changes in regulatory laws regarding the legality and usage of cryptocurrencies
- Potential market manipulation by large participants or so-called crypto whales
- Speculative trading
USD overview
In the ZRX to dollar pair, ZRX is the base currency, and the USD is the counter currency. This means the chart shows how much ZRX is worth as measured against the USD.
The US dollar is the world’s most influential currency. It makes up 59% of all central bank foreign reserves. The greenback also dominates the forex market. It is involved in 85% of all forex transactions.
The strength of the US dollar has been directly affected by the monetary policy adopted by the US Federal Reserve after the 2007 financial crash. Fears around inflation have caused concern among investors regarding future devaluation of the dollar. The hit to the US economy as a result of the pandemic has also weakened the greenback.
If you are interested in ZRX/USD pair trading, you should keep a close watch of crypto market news as well as updates from the Fed regarding monetary policy changes.
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