Cryptocurrencies are in essence, digital money. The difference between cryptocurrencies and other forms of digital money, like central bank digital currency, are that cryptocurrencies use blockchain technology to make them safe from counterfeit or double spend.
Due to their widely reported security, self-custody aspects, and ‘digital gold’ comparisons, the popularity of cryptocurrencies is skyrocketing. Cryptocurrencies surge to the mainstream is so great that it has left brand new investors weighing up which is the best cryptocurrency to invest in 2021.
In this blog we’ve narrowed down the 7 best cryptocurrencies to invest in for new investors, and we’ve included one to watch. If you’re looking to start a career in trading cryptocurrency markets meanwhile, take a look at our funded cryptocurrency trader programme.
In 2020, we here at Alphachain Academy funded over 500 traders across 60 countries. As if that wasn’t enough, we issued $4.7 million in funded trading accounts to brand new traders who joined our programmes.
And now we want to do the same with our funded trader programme. Our funded trader programme is open to those with prior trading experience, and if approved, we offer a guaranteed $15,000 trading account in exchange with a 50% profit share. If that’s not enough of an incentive, you can double your capital each time you hit a target until you eventually reach a $1 million traded account.
Markets in Asia began the week with gains as the region reacted to the disappointing jobs data stateside where the NFP’s missed expectations massively calling for further support and continued stimulus efforts. The ASX 200 was up by around 1% after mining sectors benefitted from lifted commodity prices whilst the Nikkei 225 was up by 0.6% as participants took the recent state of emergency extension within their strides as it was widely expected beforehand.
Following on from the disappointing Labour market report, President Biden reiterated how important economic actions are and noted that the American Rescue Plan was set out to support the country over the next year as the nation recovers from the effects of the Pandemic.
In trading terminology, indices is a just plural form of the word index. So when asking, what are indices in trading, what we really mean is “what are indexes in trading?”
For new and experienced traders alike, the first index that is bound to come to mind is a type of stock market index (e.g. S&P 500 or FTSE 100).
Trading stock market indexes, or indices, has long been a popular option for traders because it is considered one of the best markets to trade on and is often spoken about on popular financial media (e.g. Bloomberg). Index markets often have clearer charts than other markets, and also possess high volatility meaning that their trend is often much easier to identify.
So for traders looking to get started trading the index market, here’s everything you need to know about trading indices.
Major bourses in Europe began the session mixed after the initial optimism witnessed earlier on faded as market participants look towards the US for further direction. The FTSE 100 is up over 0.8% as it attempts to catchup from the nations bank holiday yesterday.
Last week, the DXY continued lower though rebounded on month end flows as financiers began to reposition themselves for the month of May. The DXY finished the month down about 2% as appetite for the greenback waned overall. The FOMC stuck to their dovish script as FED Chair Powell reiterated that the nation isn’t ‘out of the woods’ yet despite the vaccination drive picking up speed and the most recent labour market report boding well for the nation. The week ahead will see participants eagerly await the latest Non-Farm Payroll report where an additional 975,000 jobs are expected to have been added in the past month.
We are thrilled to see phenomenal results from our Global Trader Programme student Amara who will be joining the Deutsche Bank trading team!
‘I can say that without this very valuable experience I would not have gotten the job. Your coaching and feedback have made me become a more-equipped trader and made me confident in trading on a larger scale.’
Alphachain first welcomed Amara back in October 2020 on the Global Trader Programme and after 3 months of training has since then moved onto trading one of our live funded $15,000 account.
Big congratulations and best of luck from all the Alphachain team!
Asian equity markets traded cautiously as major bourses and US equity futures lacked direction heading into month-end. Going into the week ahead, participants await outcomes from key events including the BoJ, FOMC and US GDP figures.
Last week, the DXY continued lower for the third straight week breaking below 91.50 as market participants sought risk elsewhere. Conversely, EURUSD extended beyond 1.2000 and was lifted on upbeat PMI data where service sector figures crossed into expansionary territory. The ECB meeting did little to spur market action as participants digested comments from ECB President Lagarde on the economic recovery amidst the battle against the virus. On the other hand, the Canadian Dollar was lifted following its monetary policy meeting where the Bank lowered its QE by 1bln CAD per week whilst also revising the GDP and growth forecasts noting that the economy is recovering gradually, and commodity prices have supported growth. Going into the week, USD/CAD trades below 1.2500.
Markets in Asia began the week cautiously and US equity futures marginally retraced lower from record highs with participants on edge ahead of further earnings updates this week, and as Covid-19 uncertainty lingered after the number of global updates this week increased by over 5.2mln, which was a record despite the ongoing vaccination drive.
Last week, the RBNZ maintained the OCR at 0.25% whilst keeping the funding for lending programme unchanged as expected. The bank continued to reiterate their commitment to lowering the cash rate if required as they continue to monitor inflation and employment objectives over the course of the year. Labour market figures in Australia beat expectations as the unemployment rate dropped to 5.6 % from 5.8%. The Australian Dollar benefited from the weaker greenback as the major pair went on to breach the 0.7700 handle whilst GBP/AUD dropped by over 0.5%.
Big things are happening at Alphachain this month.
Here are our top 2major company updates so far:
We now offer weekend trading in Crypto assets
Trade Cryptos 24/7 – 7 days a week! Now is the time to learn to trade the financial markets and make that second stream of income a reality. Our mentors and global community of traders are always willing to help at all times.
We have re-listed Ripple (XRP) trading for all traders
We are one of the first firms in the UK to re instate Ripple Trading! Ripple has gained an incredible 250% last month and our Traders are looking forward to trade XRP again.
Markets in Asia began the week subdued despite markets stateside closing at record levels last week. Looking to the week ahead, market participants await key data releases including Chinese trade data as well as CPI and Retail Sales from the US.
Within Europe, rising Covid-19 cases continue to threaten the bloc’s recovery attempts as German Chancellor Merkel’s coalition begins to draft legislation to transfer authority to impose restrictions back to the Federal Government from regional leaders. A fresh lockdown is due to be imposed which will see all non-essential retail stores close. Across the channel, the UK transitioned into the next phase of the easing blueprint as non-essential retail, pubs and sporting facilities will reopen today. This comes as the UK continues to plough ahead with their vaccination rollout which has seen over half of the population vaccinated at least once. With footfall set to increase over the next few months, businesses will be eager to welcome customers after having endured another shutdown over the past three months. Within markets, last week saw Sterling slide across the board as the FTSE100 broke to new monthly highs breaching the 6,900 handle. The index still lags behind most major indices having not recovered from its pandemic drop.
Fed Chair Powell continued with his dovish stance last week as he outlined that the US economy is now at an ‘inflection point’. The Fed Chair pointed to the fact that the risk to the economy still remains the resurgence of the virus whilst reiterating that reopening too quickly could do more harm than good. Equity indices continues to digest the overwhelming optimism as the S&P 500 led the charge to close above the 4,100 level for the first time ever.
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