Ethereum to Russian ruble: trade the ETH to RUB pair and track its real-time price.
Ethereum to Russian ruble is a popular cryptocurrency-to-fiat pair that tracks the relationship between ETH, one of the most traded crypto tokens in the world, and the ruble, Russia’s official currency.
The Russian ruble is actually the second version of the ruble, as the first version, which substituted the soviet ruble, was discontinued as part of an administrative procedure in 1998.
Even though Russia is one of the largest countries in the world by both territory and population, the ruble is not among the most traded currencies. As politics play a significant role in shaping Russia’s economy, the currency is more sensitive to geopolitical conflicts and domestic social discomforts.
Ever since Bitcoin took over the financial world and presented itself, Ethereum has benefitted from the widespread adoption of cryptocurrencies as suitable financial assets used for portfolio diversification and speculation.
Traders who wish to get exposure to cryptocurrencies or to European currencies such as the ruble, can use the ETH/RUB to speculate on the fluctuations in their individual prices. They can conduct their transactions with ETH to RUB by using Contracts for Difference (CFD), and they can take either long or short positions depending on their forecasts.
Even though Ethereum was conceived in 2013, it was officially launched in 2015. The crypto token emerges from Ethereum’s underlying blockchain, which was designed by Vitalik Buterin. One of the key elements that make Ethereum’s technology ground-breaking is the introduction of a feature known as ‘smart contracts’.
Although this cryptocurrency still has a long way to go to reach the $100 billion market cap that Bitcoin enjoys, it continues to gain territory. Online gaming platforms and the corporate world are areas of particular growth. The launch of the Enterprise Ethereum Alliance (EEA), an organisation that promotes the use of Ethereum to facilitate the harmonisation of blockchain-based technologies, has accelerated ETH’s growth.
Meanwhile, Russia underwent a financial crisis only 4 years ago, triggered by international sanctions and a significant decline in oil prices, one of the country’s primary sources of economic growth. As a result, the ruble collapsed by more than 50 per cent.
The recent oil price crisis triggered by the coronavirus could be a good opportunity for traders to speculate on how the ruble may react by trading ETH/RUB, taking long positions on the pair to profit from potential future devaluations.
Traders can benefit by trading ETH/RUB by analysing price trends, technical indicators and shifts in the fundamentals that drive the value of each individual currency. Capital.com provides real-time charts and prices of the ETH/RUB pair, allowing traders to benefit from any price swings that could occur in this crypto-to-fiat financial instrument.