Bitcoin to Rand: trade BTC to ZAR pair and track its real-time price.
The Bitcoin to Rand pair features BTC as the base cryptocurrency along with ZAR, South Africa’s official currency, as the counter currency. The value of BTC/ZAR reflects how many Rands are required to buy one Bitcoin or how many Rands can be bought with one BTC.
South Africa is the second largest economy in the African continent and the industrial powerhouse of Africa. The country’s economy has seen tremendous growth since 1996 when its GDP started to jump at an accelerated rate as the country emerged from years of socio-political conflict to become an upper-middle-class economy, the 30th largest in the world right now.
The Rand, which has been the country’s official currency since 1961, is among the top 20 most traded currencies in the world, as many countries conduct commercial transactions with this important African country.
The BTC to ZAR is a crypto-to-fiat pair with limited liquidity that may not attract that much interest from institutional traders, as the currency is not among the most popular in the market, even though it may be an interesting alternative for those who understand the economics of African countries and how certain fundamental drivers affect the value of their currency, such as the price of commodities.
That said, it is possible to profit from price swings in BTC/ZAR especially during a time of increased market volatility as the one triggered by the coronavirus health crisis, considering that in these scenarios investors tend to flee from weaker currencies to take refuge in more stable ones such as the US dollar or the Swiss Franc. Anticipating a reversal on that trend could also result in profitable trades.
CFDs are used by traders to take long or short positions on BTC/ZAR, with the possibility of boosting the results of their operations by using leverage.
The introduction of Bitcoin to the global financial stage back in 2009 changed the way people viewed digital currencies, by presenting a strong alternative to regular fiat currencies.
By using distributed decentralised ledgers, Bitcoin offers its users anonymity and transparency in the transactions made with this crypto token, while also ensuring that records remain safe from any unauthorised tampering or modification, as each entry validated by a large network of independent ‘miners’.
This cryptocurrency has also evolved to become a major player in the investment world, allowing traders and investment managers to diversify their portfolios by using an alternative financial asset such as Bitcoin.
The South African Rand is mainly a commodity currency, considering the country’s top exports are precious metals such as gold, diamonds, iron ore, and platinum, while this African country is also the third largest coal exporter in the world.
ZAR has been losing ground against the US dollar throughout the year due to various elements including a flight-to-safety triggered by the coronavirus, the recent oil price crash, and a global economic slowdown that could tank the price of many commodities, affecting South Africa’s economic growth for the next quarters.
Capital.com provides a real-time price chart of the BTC to ZAR pair and traders can enter both long or short positions by using our CFDs to profit from BTC/ZAR directional price swings.