Why is the BTC to MXN pair important to traders?
BTC to MXN is a popular crypto-to-fiat pair in Mexico 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 value. The pair’s counter currency – the Mexican peso – is the official national currency of Mexico. The MXN is the 10th most traded currency in the world and the third most widely used currency across the Americas after the US dollar (USD) and Canadian dollar (CAD).
The crypto market, including Bitcoin, is extremely volatile, which provides huge potential for speculation. Observing the popularity of BTC to MXN exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
BTC to MXN trading: the ultimate way to invest in Bitcoin
Although the volume of the BTC to MXN crypto-to-fiat currency pair is much lower than BTC to USD, Bitcoin to MXN trading is steadily growing. The ultra-volatile nature of BTC/MXN 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 MXN 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 have shared a bullish view on the Bitcoin price future. However, the drastic BTC plunge and a moderate rebound in March 2020 amid the Coronavirus and global recession fears make it hard to deliver reliable future price predictions.
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Bitcoin overview
Developed 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 crypto projects.
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
In April 2010, when Bitcoin was launched at the first cryptocurrency exchange BitcoinMarket.com, its price was $0.0025. Shortly after, the BTC price rate started to surge dramatically, generating more than a thousand per cent earnings to its initial owners.
Today, Bitcoin remains in a strong position at the forefront of the crypto world. 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. The Bitcoin price chart shows the BTC/MXN price rate in real-time.
MXN overview
In the Bitcoin to Mexican peso pair, BTC is the base currency and the MXN is the counter currency, which means the BTC/MXN chart shows how much one Bitcoin is worth as measured against the Mexican peso.
Mexico is ranked the second largest economy in Latin America and among the world’s 15 largest economies. The country’s major trading partner – the United States – accounts for 80 per cent of its export. The Mexican economy is diversified, including manufacturing, oil production and hi-tech industries.
In 2019 the economy of Mexico showed only 0.4 per cent growth, which is significantly lower than 2 per cent growth in the previous year. According to the IMF’s estimates, the country could expect a growth rate of 1.3 per cent in 2020 and 1.6 per cent in 2021. It could be driven by a decline in inflation, a rise in wages and higher remittances.
There are still some major challenges to be solved, including high criminality rate, income inequality, weak education and infrastructure, and high dependence on the US economy. Mexico's economy could also suffer from supply chain disruptions, caused by the coronavirus, and collapse in global oil prices.
Those interested in the BTC/MXN pair trading should keep a close watch of crypto market news and the Bank of Mexico releases regarding interest rates and monetary policy changes.
