Trade Ethereum to Belarusian Ruble - ETH/BYN chart

Trading ETH to BYN

ETH/BYN combines the popular cryptocurrency with the Belarusian ruble (BYN), the national currency of Belarus. The pair that has the potential to offer a vast number of trading signals coming from either side.

The price of ETH to BYN may fluctuate a few percentages during the trading day. During a trading week, it has the potential to fluctuate around five per cent. The value of this pair may change by around 10 per cent in a given month, which means that traders have the possibility to make significant gains.

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 decentralized 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 over 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 the Belarusian Ruble (BYN)?

Belarusian ruble (BYN) is the national currency of Belarus. It was introduced for the first time in 1992 after the dissolution of the Soviet Union. The central bank of Belarus has reduced the exchange rate of BYN in a couple of occasions since it was first launched. In addition, the central bank of Belarus performed redenomination of the BYN in 2016 when the previous banknotes in circulation were substituted with a new series of banknotes at a predetermined rate.

Which factors affect BYN value?

Some of the crucial industries in the Belarusian economy are agriculture, manufacturing of motorcycles, textiles, refrigerators, transport and logistics, cars, chemicals and petrochemicals. Negative economic conditions in its main export and import partners, especially Russia, might cause changes in the value of BYN. Adverse changes in oil prices will also hurt the Belarusian ruble. BYN is tightly related to other foreign currencies and consequently, swift changes in the value of them can negatively affect BYN.

When trading ETH to BYN you should monitor the changes in the Belarusian economy and possible changes in monetary indicators. Pay attention to the supply and demand for BYN to identify potential signals and define your position with Ethereum to Belarusian Ruble pair.

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