The cryptocurrency market is gaining interest all over the globe. In 2019, the New Zealand Cryptocurrency market reached a value of USD 792.3 million. The global cryptocurrency market expected to reach USD 5,190.62 million by 2026.
If you are interested in becoming a part of this growing phenomenon, a New Zealand cryptocurrency exchange could help make the trading process seamless. While choosing to work with an exchange, ensure the platform offers security, real-time price feeds, various payment options, is user-friendly, and compatible with different devices.
The cryptocurrency market is pretty volatile, with memes and social media driving prices. This article will discuss recent cryptocurrency market trends in New Zealand.
Launch of First New Zealand Dollar Stablecoin by Techemynt
Techemynt is a registered financial provider in New Zealand. They have announced the launch of the first New Zealand dollar stablecoin $NZDs. This stablecoin combines the flexibility offered by a cryptocurrency and the stability provided by a fiat currency as $NZDs backed 1:1 by the New Zealand dollar.
As the New Zealand dollar is the 10th most traded currency worldwide, the trust and security in the stablecoin are immense. Pairing the dollar’s stability with blockchain technology, $NZDs used for instant processing and privacy.
Techemynt is currently making the coin available to users wanting to acquire $NZDs token worth $100,000. These coins will also be made available on secondary markets.
DogeCoin is the Shiny New Toy in the Marketplace
Kiwi retail traders are showing quite an interest in the meme coin, DogeCoin. A tweet by Elon Musk backing the currency sent investors around the globe scrambling to get their hands on DogeCoin. Between April and May 2021, the price of the crypto asset shot upwards by more than 800%.
Local New Zealand investors, especially first-time investors, have taken to a shine to the hype created around this crypto asset and are readily investing in the same. DogeCoin is undoubtedly a trending crypto asset. Even with Dogecoin prices plummeting since May, crypto investors continue to hold the coin.
In fact, most of them are buying even more in the hope that the prices will eventually go back up. Only time will tell if Dogecoin is just a fad or if it is going to be the “currency of the future”, as Elon Musk himself stated.
Bitcoin Continues to Hold Traders Interest
Several factors affect the market price of Bitcoin. Speculations around the crypto asset, social media memes, and even Twitter trends are some of the factors that seem to impact the cryptocurrency.
In March 2021, Bitcoin prices rose to a high and then fell by 17%. In May 2021, Bitcoin prices again fell by 30%. These rising and declining price trends are a testament to the wild Bitcoin short-term trading experience.
However, experts still believe Bitcoin is here to stay for the foreseeable future. If you are interested in trading Bitcoin, you can begin your journey by creating your account on a New Zealand cryptocurrency exchange.
5G could Spark Innovation
5G network was first launched in New Zealand in the latter half of 2019. Initially launched in select areas, the technology is being slowly rolled out to other cities in the country. Network speed is a challenge for traders.
With the implementation of 5G, the network speed challenge overcome. Traders across the country will have a level playing field. One could expect innovations and new services introduced to leverage the new standard in data transmission.
Cryptocurrency, looked upon as the currency of the tech-savvy, is gaining traction in mainstream finance. Regulatory frameworks put in place, and governments are acknowledging the relevance of cryptocurrencies and the need to properly regulate them.
Investing in cryptocurrency is legal in New Zealand. Doing it through the best New Zealand cryptocurrency exchange will make the trading process hassle-free and secure.