Trading ETH to NOK
In 2018 Norway introduced regulation for crypto exchanges and storage providers in the country. The clearly defined rules may positively affect the Ethereum to NOK trading levels. Also, if the number of sellers accepting cryptocurrencies in Norway grows it can spur the popularity of the digital assets.
During the day, ETH/NOK can go through multiple smaller price changes and fluctuate up to 5 per cent. Its value may also move around 5 per cent within a week. During a month or longer, it switches between trendy movements and occasional range-bound movements.
What is Ethereum?
Ethereum was introduced in 2015 by a Russian-Canadian programmer Vitaly “Vitalik” Buterin. It is an open-source platform that utilises blockchain technology to create and execute distributed applications (DApps). Users can create or join so-called “smart contracts” directly without third parties, limiting the possibility of fraud.
Ethereum is commonly used as a name of the associated cryptocurrency but in fact Ethereum is the system or network while Ether or ETH is the native currency. Users need to have Ether when they want to execute a certain transaction through the system.
Some interesting facts about the ETH
- The Ethereum project was successfully crowdfunded in the middle of 2014 when it raised more than $18m (£14m).
- At the end of 2015 Ethereum’s price was slightly below $1 (£0.80), by mid-January 2018, it reached its current peak of $1,432 (£1,132).
- Unlike some other cryptocurrencies, there is no maximum supply cap for Ether.
- Ether can be created through “mining” – users receive a reward when they complete a mathematical task and verify transactions.
- The Ethereum Alliance (EEA) is an organisation developed to enhance the future usability of Ethereum.
- Most of the ICO (Initial Coin Offerings) are hosted on the Ethereum blockchain.
What affects Ethereum’s value?
The factors can be divided into two groups – the ETH related and those affecting the general cryptocurrency market.
Ethereum specific factors are:
- The demand for ETH, which is not driven solely by trading activities.
- The acceptance of the Ethereum system by more established financial institutions.
- The increased adoption of smart contracts hosted on the Ethereum platform and the inflow of new users will increase the demand for ETH.
- The degree of mining profitability.
- Improvements in the Ethereum system in the future.
General factors related to the crypto world:
- Changes in regulatory laws and regulations regarding the legality and usage of cryptocurrencies.
- Potential market manipulation by large participants or so-called crypto whales.
- Speculative trading – on June 22, 2017, a multi-million dollar market sell order crashed the ETH price from above $300 (£240) down to $0.10 (£0.08) in a couple of seconds, although the price did bounce back within minutes. One trader reportedly made more than $1m, thanks to an automatic buy order set at $0.10 through which he purchased more than 3,000 ETH.
- The number of crypto channels where ETH is available for trading also affect its value.
- The number and strength of ETH competitors.
What is Norwegian krona (NOK)?
Norwegian krona or NOK is the official currency of Norway and it was introduced in 1875 when Norway became part of the Scandinavian Monetary Union. The Central Bank of Norway ensures the stability of NOK and uses relevant monetary instruments to maintain a stable currency.
Which factors affect NOK value?
The NOK value is under the influence of different factors such as demand and supply, the level of economic activity and other relevant fundamentals. The Norwegian krone is also affected by country-specific things such as the oil price because the export of crude oil may take more than half of the overall exports. Another specific factor that impacts NOK is the value of other European currencies. Norway exports the majority of crude oil to countries in Europe, which is one of the reasons why other currencies and NOK are connected.
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