Why is BTC to CAD pair important to traders?
BTC to CAD is a popular crypto-to-fiat pair among crypto investors and traders in Canada and abroad. Since its inception in 2009, Bitcoin – the base currency of this pair – has proved to be the world’s top cryptocurrency in terms of market capitalisation and cost. The counter currency – CAD – is the 7th most widely-traded currency in the world, which echoes swings in the world’s popular benchmark stock indices, such the S&P 500.
The crypto market, including Bitcoin, is extremely volatile, providing huge potential for speculation. Observing the popularity of BTC to CAD exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
BTC to CAD trading: the ultimate way to invest in Bitcoin
Although the volume of BTC to CAD crypto-to-fiat currency pair is much lower than BTC to USD, Bitcoin to CAD trading is steadily growing. The ultra-volatile nature of BTC/CAD makes it a strong alternative to traditional Forex markets.
Bitcoin traders can always profit from BTC price swings. You can either go long or short, depending on Bitcoin to CAD price movement, and benefit from the price difference.
Proven to be a lucrative investment, Bitcoin consolidates its position as the world's top cryptocurrency. With a remarkably strong start of 2020, investors share a bullish view on Bitcoin price future. Convert BTC to CAD at Dzengi.com and trade it with 100x leverage and tight spread.
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Launched in 2009, Bitcoin introduced a new type of digital currency to the world gradually gaining worldwide popularity. Today, it is the most popular and valuable cryptocurrency on earth, serving as the gold standard for emerging cryptos.
Due to its decentralised nature, BTC transactions do not require a middleman, meaning no banks or other authorities are involved. In addition to being an alternative payment network and a store of value, Bitcoin offers great opportunities to traders.
Key facts about BTC
- The first decentralised cryptocurrency
- Launched in 2009
- The brainchild of a person or group known as Satoshi Nakamoto
- The maximum number of Bitcoins is 21 million
- 80% of all Bitcoins have already been mined
- Bitcoin is considered both a commodity and a currency
- The first BTC transaction was to buy 2 pizzas
First traded on the cryptocurrency exchange BitcoinMarket.com in April 2010, Bitcoin’s starting price was $0.0025 (C$ 0.0033). Shortly after, the BTC price rate started to surge dramatically, generating more than a thousand per cent earnings to its initial owners.
As the cryptocurrency is not tied to any particular country or region, domestic and geopolitical factors can have less of an impact on the value of Bitcoin. Instead, you should keep an eye on its demand, adoption rates, regulations and market sentiment.
Bitcoin price chart shows BTC/CAD price rate in real-time. Analysts expect 2020 to be an important year for Bitcoin, making positive forecasts regarding the Bitcoin to CAD price.
In Bitcoin to Canadian dollar pair, BTC is the base currency and the CAD is the counter currency, which means the BTC/CAD chart shows how much Bitcoin is worth as measured against the Canadian dollar.
Often referred to as ‘Loonie’, the Canadian dollar strongly depends on the price of crude oil, as the country is one of the major commodity exporters. Canada takes a leading place in the global supply chain, which makes it highly sensitive to changes in the worldwide economic activity.
CAD rates are deeply connected with the United States – Canadian closest and largest trading partner. The US accounts for 80 per cent of all Canadian exports.
To better understand what affects the BTC/CAD rate and make thorough trading decision, you should keep a close watch of crypto market news and consider the interest rate decisions, made by the Bank of Canada (BoC).