The Ether to SEK pair includes the popular crypto and Swedish krona, one of the top traded currencies in the world which is also considered to be undervalued.
The Ethereum to SEK rate may move in a stable manner throughout a day and sometimes move up to 5 per cent. In contrast, during a given month, the Ethereum to Swedish Krona is more volatile with some breakouts.
Ethereum was introduced in 2015 by a Russian-Canadian programmer Vitaly “Vitalik” Buterin. It is an open-source platform that utilises blockchain technology to create and execute distributed applications (DApps). Users can create or join so-called “smart contracts” directly without third parties, limiting the possibility for fraud.
Ethereum is commonly used as a name of the associated cryptocurrency but in fact Ethereum is the system or network while Ether or ETH is the native currency. Users need to have Ether when they want to execute a certain transaction through the system.
The factors can be divided into two groups – the ETH related and those affecting the general cryptocurrency market.
Ethereum specific factors are:
General factors related to the crypto world:
Swedish krona is among the top traded currencies in the world and it is the monetary unit of Sweden. The krona was introduced as an official currency in Sweden with the formation of the Scandinavian Monetary Union in 1873. It is issued by the Swedish Central Bank or Sveriges Riksbank which also has the responsibility to maintain the stability of the official currency.
Different factors can affect the value of SEK and the ETH to SEK exchange rate. One is the country’s monetary policy which maintains some of the lowest interest rates (at times even negative interest rates). It is stated that the undervaluation of the Swedish krona comes from the monetary policy and, as an undervalued currency, it can offer profitable trades in the future if the policy changes.
Furthermore, Sweden is characterised as a small and open economy where trade is a crucial component in the economic development and changes in international trade levels can impact the SEK value. Thus, watch events such as the US/China trade war because they may have an adverse effect on international trade.
Moreover, it should be noted that the SEK movement is correlated with the movement of the NOK (Norwegian krone) and Danish krone (DKK). Hence, traders should monitor the movement in these currencies as they could potentially provide an insight into the ETH/SEK movements.
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