Trading Platform Forex Suggest to Launch Crypto Calculator for Cost Evaluation
Luxembourg-based crypto institution and trading platform Forex Suggest announced Wednesday the roll out of a cryptocurrency calculator for clients to evaluate trading costs on cryptocurrencies.
The crypto market has experienced serval waves of volatile headwinds this year, from Russia's invasion of Ukraine and Luna's collapse to a liquidity crisis among crypto lender platforms, all showing a choppy trading environment in the crypto market.
To have a better calculation and evaluation of the trading cost in the crypto space, Forex Suggest believes a crypto calculator would be a great tool for investors to study "how much the crypto you used for purchases could be worth if you held onto it" in terms of the recorded value of cryptocurrencies, according to the calculating platform.
According to a test by Blockchain.News as an example, if an investor bought 1 unit of Ethereum (ETH) on Apr 8, 2021, the calculator showed the value of ETH on that date was around $2000, losing around $400 compared to the current price. In addition, the table also showed the maximum value of the same amount of ETH at All-Time-High (ATH), which was trading at $4.9K on Nov 10, 2021.
Source: Forex Suggest
The trading platform suggested the biggest increase in value over the past two years goes to Solana (SOL), increasing in value by over $25, a rise of almost 98%. In contrast, Dogecoin (DOGE) has seen the second biggest rise (95.4%), followed by Polygon (MATIC) in third place (95%).
Per the press release from Forex Suggest, the majority of the top-performing cryptocurrencies have increased in value in the past two years, with the average increase among the twenty best coins being 51.35%.
Meanwhile, Bitcoin, the leading cryptocurrency in terms of trading volume, has increased by 61.20%, from just over $9,000 per coin to over $24,000.
Retail customers can enjoy more options for transactions nowadays as more private firms are open mind to accepting crypto as a way of payment. The trading platform suggested that Amazon ranks as the biggest company to accept crypto, marking almost $470 billion in revenue in 2021.
Despite clients not being able to pay for goods with tokens directly, they, alternatively, can redeem the retailer's vouchers and use them to make purchases.
American telecommunications operator At&T and Technology giant Microsoft follow the lead. Both sides received over $168 billion in revenue in 2021.
Previously, the trading platform conducted a study showing that Hong Kong is the most crypto-ready economy globally. In general, the city enjoys a higher number of blockchain startups, with the number of crypto ATMs proportional to the population and no taxing capital gains on cryptocurrencies.
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Hong Kong is the Most Crypto-Ready Economy, Study Shows