Bitcoin, Litecoin and Ethereum In Canada
What is the Value of Bitcoin, Litecoin and Ethereum In Canada?
A lot of people are currently investing in cryptocurrencies today especially with the high profits that investors have gained. Every day people make a lot of money exchanging their Bitcoin to cad. Cryptocurrencies are here to stay and people should understand how they operate and their true value. It is a risky but successful investment which a lot of people have benefited from, and so many people are trying to buy crypto from Canadian bitcoin exchanges.
The value of cryptocurrencies keeps increasing daily and there are certain factors that drive these increases. The values of these currency determine how much people are willing to invest in them. The fluctuation of cryptocurrency prices has its benefits and can also be a risky venture especially when the market value falls. Before we look at the current value of cryptocurrencies, one has to understand what usually drives the price of cryptocurrencies. These factors include but are not limited to the following:
Media reports over the years on Bitcoins have made both positive and negative impact on the price value of these digital currencies. Media outlets can manipulate the price of Bitcoins by influencing the perceptions of the mind of people regarding Bitcoin investment. Basically, when the media reports the positive aspects of investing the currency it can increase the value of cryptocurrency but when negative reports are passed to the general public it follows that the value of the currency reduces and as a result, there would be price fluctuation.
- Limited Supply and demand:
This is simply an economic factor. When demand for these currencies increases the value will rise but when there is less demand the price falls. Some countries see bitcoin as an asset while others categorize it as a currency. When there is constant supply a lot of people would want to invest in it with the impression that it must have value.
- Amount of energy/electricity used to get blockchain:
A lot of energy is usually put in generating blockchains. The amount of energy used affects the value. It takes a certain amount of power to generate just one Bitcoin. So as the difficulty increase so does the value.
Investors can manipulate the prices of cryptocurrencies, most especially lesser ones by putting in a lot of capital to get the coins and promoting them in order to raise the value of the coins. When people see that investors are willing to put their funds into cryptocurrencies, it gives them a sense of confidence to buy into the investment and the demand increases, therefore, putting a value on the currencies.
- Legal/Government Issues:
This can affect the price especially when there are high tax regulations which make it detrimental for investors to hide their assets using cryptocurrency. If the country puts a value to this currency, it will definitely affect the price value. When cryptocurrency is accepted by the country legally by taking a step to recognizing it an official currency, it would also make the currency have value. When the currency is banned, it, in turn, reduces the value of the currency.
- Price of Bitcoins:
Bitcoin is the most popular of all the other cryptocurrencies and so when the price rises or loses value, it would affect the value of other currencies. Litecoin is commonly known to always react to the fluctuating price of Bitcoin. In the same vein if the value of Bitcoin increases it would secure other currencies.
Current Value of Cryptocurrencies
Bitcoin is the first cryptocurrency that was released and is usually referred to as a digital gold currency. Its value has appreciated over the years starting from $0 and rising to over $5,000. It is the leading and most valuable of all the cryptocurrencies as at today. Its current value of BTC to cad has risen to over $7,000 dollars. A lot of people initially bought this currency at the rate of $1 and it has risen and so far made it profitable to investors. A lot of exchanges go on today from bitcoin to cad and people are making a lot of money trading their bitcoins with the highly appreciated value
Litecoin came in after the Bitcoin and is referred to as the silver to the Bitcoin gold. The reason behind the Litecoin was to make smaller and faster payment transactions. This cryptocurrency remained number 2 on the list of valued cryptocurrency for a while until around 2016 when Ethereum took its place. Litecoin to cad value in today’s current market goes for about $73.7. One can see that the value of the value of the LTC to cad does not equal to the Ethereum as it has more value in the currency exchange market.
Ethereum wasn’t really meant to be a currency but has so far been used as one. Its initial innovation was to be used as a token to generate a computer code in a smart contract. The current value from Ethereum to cad is going at over $380.
Everyday people monitor the cryptocurrency market and even investors put in their capital and watch how the market value of these currency increase daily. There are many exchange platforms where people can trade their BTC to cad. Also, some other platforms offer conversion rates for other cryptocurrencies like for instance you can buy and trade your LTC to cad on Coinsquare.