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Currency Pairs in the Cryptocurrency Market

In the cryptocurrency market, there are basically two categories of currency pairs:

● Crypto-fiat: The most common crypto-fiat currency pair in the market is the Bitcoin-USD pair. The BTC/USD pair you see on an exchange represents the price of BTC in USD.

● Crypto-crypto: The most common crypto-crypto currency pair in the market is the Ethereum-Bitcoin pair. No surprise since Ethereum is the second-largest cryptocurrency. The ETH/BTC pair you see on an exchange represents the value of ETH in BTC.

Even though there may be many cryptocurrencies to buy and sell on an exchange, most of them are not part of direct currency pairs. This is because there is not enough demand in the market to directly trade any of these cryptocurrencies, so exchanges do not create currency pairs for them.

Crypto-crypto currency pairs on exchanges usually have BTC, ETH, some stablecoins pegged to fiat currency (USDT is the most common), and exchange tokens (if present) as listed cryptocurrencies. You can buy and sell cryptocurrency only against these major cryptocurrencies.

You can benefit from crypto-stablecoin pairs to trade cryptocurrency if your goal is to increase your account balance in terms of fiat currency, as stablecoins possess the same functionalities as fiat currencies.