Why is the BTC to ZAR pair important to traders?
BTC to ZAR is a very popular crypto-to-fiat pair in South Africa 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 African rand – is the national currency of South Africa. The ZAR is also a legal tender in Swaziland, Namibia and Lesotho.
The crypto market, including Bitcoin, is extremely volatile, which provides huge potential for speculation. Observing the popularity of BTC to ZAR exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
BTC to ZAR trading: the ultimate way to invest in Bitcoin
Although the volume of the BTC to ZAR crypto-to-fiat currency pair is much lower than BTC to USD, Bitcoin to ZAR trading is steadily growing. The ultra-volatile nature of BTC/ZAR 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 ZAR 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 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 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
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.
ZAR overview
In the Bitcoin to Rand pair, BTC is the base currency and the ZAR is the counter currency, which means the BTC/ZAR chart shows how much one Bitcoin is worth as measured against the African rand.
The South African rand is unofficially regarded as the most important currency on the African continent. Even with this unofficial status the ZAR is considered a highly volatile currency in global terms.
As South Africa is a commodity and export-based economy, the value of the Rand is linked to global prices and is disproportionately affected by global economic risk perceptions. The Bitcoin to rand exchange rate forecast is also innately linked to global trade and economic sentiment as the bulk of the South African economy is based on exports.
Those interested in the BTC/ZAR pair trading should keep a close watch of crypto market news and the South African Reserve bank releases regarding interest rates and monetary policy changes.
