Ethereum to Norwegian Krone: trade ETH to NOK pair and track its real-time price
Ethereum to Norwegian Krone is a crypto-to-fiat pair that tracks the relationship between the 2nd most traded cryptocurrency in the world, Ethereum (ETH), and Norway’s official currency the Krone (NOK). The former serving as the base currency and the latter as the counter currency.
The ETH to NOK is a popular crypto-to-fiat pair that enjoys decent liquidity as both currencies are important players in their markets. Ethereum, on the one hand, has gained its place at the top, sharing the leadership of the cryptocurrency market with the ‘almighty’ Bitcoin.
The Norwegian Krone is towards the top of the list of the most traded European currencies, only preceded by the Swedish Krona, the Swiss franc, the British pound, and the euro.
Traders can profit from trading ETH/NOK by analysing the fundamentals that drive the price of both the base and counter currency. In that regard, Ethereum’s value is mainly driven by the adoption of its blockchain-based smart contract technology, along with the demand for it as a suitable payment method and financial asset.
Meanwhile, the value of the krone is primarily influenced by traders’ expectations, monetary policy decisions from the central bank of Norway and the country’s economic activity and growth.
Traders can profit from price swings in both of the currencies that form the ETH to NOK pair by anticipating potential directional price movements in their value. With Contracts for Difference (CFD) one can take either long or short ETH/NOK positions.
Ethereum continues to gain territory as a popular digital currency, as it has been increasingly adopted by online gaming platforms, e-commerce businesses, and even some brick-and-mortar retailers who believe that the widespread adoption of cryptocurrencies as suitable payment methods is unstoppable.
Additionally, Ethereum’s capacity to power blockchain-based apps and ecosystems is one of the key features that drive traders’ and developers’ interest in Ethereum and this could present a big opportunity if its underlying technology is adopted by big names in the corporate world.
The launch of the Enterprise Ethereum Alliance (EEA) attracted the attention of more than 180 companies, including Samsung and the CME Group. This initiative could prove to be a game-changer for the cryptocurrency if it succeeds in powering solutions for multinational corporations.
On the other hand, the Norwegian Krone has been Norway’s official currency for more than a century. Its value has been determined by the financial markets since 1992, when the currency was released of all its pegs.
It is important to note that at least 25 percent of Norway’s GDP is fueled by its exports. The recent coronavirus health emergency has affected European countries significantly. The expected economic slowdown has thus put some downward pressure on the krone. As a result, the EUR/NOK pair has increased more than 16 percent during 2020.
Traders can benefit from ETH/NOK price swings by taking long or short positions using Capital.com’s proprietary trading platform, which features a real-time price chart and charges a 0% commission on trades.