|Market||Price (USD)||Price (BTC)||24h Volume|
|Cryptopia||$ 0.0137||0.00000212 BTC||58.52310 BTC|
What Determines the Electroneum Price?
The price of Electroneum (ETN) is determined by supply and demand on exchanges (see a list of exchanges that list Electroneum). When people buy Electroneum at an exchange, they make an offer to sell or purchase ETN at a specified price. The exchange software matches buy orders to sell orders with the same price, and so facilitates the trade. The price at which the latest transaction (or match) has taken place is the market price of Electroneum.
If there are more buyers than sellers, demand is more than supply. Buyers are forced to increase their offers to appeal to sellers, and therefore the price of Electroneum increases. Conversely, if there are more sellers than buyers, supply is more than demand, and the price drops. This continual dance of sell offers and buy offers determines the price of Electroneum throughout the day.
What Influences the Price of Electroneum?
As mentioned above, the price of ETN is determined by supply and demand in the market. However, the orders in the market are placed by humans, and thus human emotion can come into play.
News about Electroneum stirs up emotion and drives traders to either buy or sell. If there is positive news, traders will believe that the coin will go up in value and will therefore place more buy orders – increasing the price in the process. Conversely, negative news will result in traders placing more sell orders and the price will decrease.
Being a cryptocurrency, the Electroneum price is also influenced by news around the cryptocurrency market as a whole. All cryptocurrencies are influenced by news regarding Bitcoin (the largest cryptocurrency).
Why is the Price Displayed in BTC and USD?
Since Bitcoin (BTC) is the oldest, most widely used cryptocurrency and is seen as the “USD of cryptocurrencies,” other cryptocurrencies are often paired with it at exchanges. The value of ETN in Bitcoin is calculated, and multiply by the USD value of 1 Bitcoin to obtain the dollar value of ETN.