Trading digital assets is a way to generate income from buying and selling coins. The cryptocurrency market operates 24/7 and 365 days a year; there are no breaks in it, so you can trade at any time you want, depending on what your trading strategy requires. If you have tried trading on the stock market before, you will handle crypto markets as well. Most people conduct operations with digital assets using crypto exchanges – websites where sellers and buyers of crypto meet to transact operations with coins.
A cryptocurrency exchange makes it easier for traders to conduct their transactions, offering relevant crypto prices live, providing liquidity and different trident instruments, and charting commissions for those services. It is much easier for traders to use a crypto platform, an all-in-one service. The market operates 24\7, but every cryptocurrency exchange has different liquidity. Plus, there are business hours when most people trade and quiet hours when people sleep. During business hours, crypto markets usually grow, so it is the best time to trade crypto. To buy assets, better to pick a time before markets are active, that is, before business hours start.
Does the Crypto Market Depend on the Global Market?
There is some degree to which the global market affects the digital one. Even though the crypto market seems to be separate from other markets and live its own life, we all witnessed how the4 global crisis and the war affected the digital field too, causing the “crypto winter”. So we should not exclude the global effect on the crypto market and understand that they are interconnected.
What affects crypto markets:
- Large events in the global economy, crisis
- Collapse of large crypto platforms (like FTX in 2022)
- News background, hype
- Competition
- Demand and supply
- The market trend.
Which Cryptocurrency Exchange to Pick?
We recommend working with reliable crypto platforms with a positive reputation, such as WhiteBIT. This platform has official registration and regularly undergoes security audits. The exchange operates 24\7, and its customer support helps clients at any time of the day and night. WhiteBIT offers many different crypto markets and high liquidity.
Factors Influencing Cryptocurrency Prices
As previously mentioned, crypto rates are determined by market trends, which are primarily influenced by the supply and demand of the assets. The following factors contribute to these trends:
- Pumps and dumps: Large investors can manipulate the market by selling or buying significant amounts of coins, causing the demand and price to drop or rise, respectively.
- News and media: When a new cryptocurrency project emerges and attracts a substantial amount of investment, media outlets often publicize the project, drawing the attention of potential investors.
- However, relying solely on news and hype to make investment decisions is not advisable. It is better to conduct your own research into the project’s technology, developers, and market trends, and analyze price charts before making any investment decisions.
For information on the current list of cryptocurrencies and their prices, please visit the WhiteBIT platform. To learn more about how the cryptocurrency market works, please visit their blog.
