What comes into your mind when you hear the word ‘cryptocurrency’? Some people will think it is a weird word and some may think it is one of the types of currency. But it is not a type of currency or a weird word. cryptocurrency is digital money and it is completely developed using complex technology, which is known as the blockchain. The first crypto coin in this digital world was Bitcoin.
As investment in cryptocurrency breaks new records every day, the demand for robust exchange software becomes an absolute necessity.
The speed at which orders are processed has become a yardstick for judging the efficiency of a Cryptocurrency exchange software. There are various types of orders used by traders in their daily operations. The most common types are market order, limit order, stop order, etc. A market order is frequently utilized for handling funds.
Any entrepreneur who is fascinated with cryptocurrencies will inevitably end up needing an exchange to trade them and boost profits. As cryptocurrencies have gained enormous traction over the years and have become mainstream in this digitally evolving business era, thousands of crypto users are emerging each day. As a consequence, thousands of new exchanges are created. The two primary types of crypto exchanges are centralized and decentralized exchanges.
While there are already predictions going on that digital currencies will be our future, and one day we will become a cashless society, the COVID-19 pandemic has further accelerated the demand and awareness. In 2020, the crypto market has hit a market capitalization of about $155 billion, with Bitcoin taking up 63.8% market value. The crypto exchange markets have captured 88% of the crypto market revenue, and blockchain startups have raised about $31 billion. While many businesses are facing hardships during this pandemic situation, the crypto markets alone manage to flourish.
Cryptocurrencies have been the hot talk of the town. As the evolution and adoption of crypto are increased in recent years, people are interested in trading them and making profits. Statistics state that the cryptocurrency market is expected to reach 1.40 billion by the year 2024.
With these trends, there is n number of crypto exchanges emerging daily. To make an exchange stand out from the crowd, it is literally important to have a unique feature to attract a number of traders.